Central banks’ expanding roles & control mechanisms

The workshop will discuss central banks’ expanding roles, independence and control mechanisms. Amongst other issues, it will examine the historical origin of central bank independence, to what extent are courts and tribunals willing to review the legality of central banks’ decision making, and how is this influencing central banks policies, as well as what alternative mechanisms for checks and balances of central bank policies exist.

There are limited places available for physical workshop, but the event will be streamed on zoom. Please contact astrid.iversen@inn.no if you would like to attend the workshop physically. Please register here if you want to attend on zoom.

Background for the workshop

The central bank is the independent monetary authority of a state. In the last decades, central bank policymaking has predominantly operated within a specific framework: central bank independence as the institutional set-up; price stability as the primary target; interest rates as the operational tools. result of a long and conflictual historical process.

In response to the global financial crisis starting in 2007, even more so under the current global covid-19 pandemic crisis, as well as in response to the ongoing climate crisis, we see that central banks across a vast number of jurisdictions have gained an expanding role in economic crisis management.

The expanding role of central banks prompts the question of whether a broader role for central banks in questions related to various crisis require rethinking their independence from democratic politics, or does it fit within their current mandate? Moreover, what institutions are controlling, in various ways, central banks, their decisions and policies?

The workshop will focus on central bank independence, its justifications and various forms of control or overview with central bank decisions and policies.

The workshop is a part of the research project Central Banks’ expanded role in financial markets. The project is a collaboration between the faculty of law at the University of Oslo and Inland Norway University of Applied Sciences. The project is funded by the Finance Market Fund (managed by the Norwegian Research Council).

Draft programme

8.45-9.00         Coffee

9.00-10.30       Session 1: The relative independence of central banks - Intellectual and institutional background for independent central banks

  • Welcome with Mads Andenas, Professor in Law at University of Oslo (5 min)
  • Helge Syrstad, Lawyer at Norges Bank (the Norwegian central bank), ‘Instrument Central Bank Independence – the Norwegian Perspective’ (20 min)
  • Karina Patricio Ferreira Lima, Lecturer in commercial law, University of Leeds, ‘Sovereign Solvency and the Fiscal-Monetary Nexus: A Core-Periphery Approach’ (20 min)
  • Bent Sofus Tranøy, Professor at Inland Norway University for Applied Sciences, ‘The past and future of on instrumental independence of central banks’ (10 min)
  • Lars Frederik Øksendal/ Gjermund Forvang Rognved,’Central bank independence in a historical context’ (10 min)

    Discussion (15 min)

10.30-11.30     Session 2: Judicial review of central bank decisions and policies

  • Andreas Paulus, Professor in law at Göttingen Universität and former Judge at the Bundesverfassungsgericht, ‘Judicial review of central banks in Germany’ (20 min)
  • Tarjei Bekkedal, Professor in law at the University of Oslo, ‘Judicial review of central banks in Norway’ (10 min)
  • Michael Waibel (online), Professor in law at the University of Vienna, ‘The German Constitutional Court and Central Bank Independence’ (10 min)

    Discussion (15 min)

11.30-11.45 Coffee break

11.45-13.00 Session 3: Central banks, economic sanctions and sovereign immunity

  • Astrid Iversen, Postdoc/ Associate Professor on leave, University of Oslo/ Inland Norway University for Applied Science, ‘Central Banks, sovereign immunity and non-monetary policy activities’ (20 min)
  • Daniel F. Franchini, Lecturer the University of Sheffield, ‘Economic sanctions against central banks’ (20 min)
  • [To be announced], comments (10 min)

    Discussion (10 min)

 13.00-13.45   Lunch

13.45-14.45   Session 4: Other control mechanisms

  • Ambroise Fahrner, PhD Fellow at Paris Nanterre University/ Humboldt University ‘The IMF surveillance of central banks’ policies: the case of capital controls’ (20 min)​​​​
    Discussion (10 min)
  • Yulia Chernykh (online), Associate professor at Inland Norway University for Applied Sciences, Investment Law and banking supervision, ‘Investment law and banking supervision’ (20 min)
    Discussion (10 min)

14.45-15.00    Coffee

15.00-16.00    Session 5: Expansion of central bank tasks & the need for reform of central bank control mechanisms

  • Ingrid Hjertaker, PhD Fellow at Inland Norway University for Applied Sciences, ‘The creation of a “superministry” – the European Central bank, crisis management and bureaucratic power’ (20 min)
    Discussion (10 min)
  • Matthias Goldmann, Professor at ESB Universität, Max Planck Institute Heidelberg, ‘The Case for Intra-Executive Accountability in the Banking Union’ (20 min)
    Discussion (10 min)

16.00-16.30    Concluding discussion and remarks

19.00              Dinner for presenters

 

Programme in pdf

Published May 2, 2022 10:30 AM - Last modified May 4, 2022 9:42 AM