Central Bank Management

While much has been published on monetary policy, little exists on how to manage a central bank and how to tackle the big organisational and management issues that central banks face today. Yet effective management is becoming an increasingly important challenge for senior central bankers, as their institutions come under closer scrutiny with global financial crisis. This new book , by drawing on a range of experiences from central banks around the world, aims to fill this gap by providing a guide to the management challenges at both a strategic and day-to-day level and how in practice central bankers have changed their organisations. Expert authors draw out the lessons from central banks that have successfully reformed their management styles, cultures and processes to achieve focus and generate value. Chapters focus on the re-evaluation of functions, the value and demands of transparency, the role of the board, strategic planning, performance measurement and reward, IT, activity-based costing and zero-based budgeting, outsourcing, rightsizing and restructuring, risk management, reporting results, data collection, managing the monetary-policy making process and delivering currency services. Authors include senior current and former central bankers from the European Central Bank, Bank of England, Sveriges Riksbank, Bank of Canada, Reserve Bank of New Zealand, Deutsche Bundesbank, Central Bank of Brazil, Norges Bank, South African Reserve Bank and the Central Bank of Sri Lanka. This book is published at a momentous time for the profession of central banking. The financial crisis that began in 2007 had, by the time of writing, become acknowledged as the biggest economic upheaval in living memory. As countries slip into recession, record government deficits, state ownership and close-to-zero interest rates were fast becoming common place, at least in the developed world. Central Banks faced unprecedented policy and operational challenges This book considers how central banks as institutions can organize themselves and marshal their resources to best meet the challenges of this crisis Drawing on experiences from central banks around the world this book aims to provide a window into management at both a strategic and day-to-day level and show how central bankers can and have changed their organisations