Journal of
Italian
Banking
Association
year 100
Italian
Banking
Association
year 100
The contribution of Internal governance to Central bank independence
Nicola Ilario Sibilio, Marco BoeroJune 2025 - n. 6
Keywords: Banche centrali, governance, accountability
Jel codes: G21, G28, E58
Central banks play a key role in the stability of the monetary and financial system. Their credibility is a matter of fundamental importance, which rests on the accountability and transparency that counterbalance independence from executive power. Central banks today face many challenges to their independence, and the changes may suggest a review of the institutional paradigm of central banks. This paradigm includes de jure components, such as the regulatory framework, but also de facto elements, namely those relating to the choices of central banks in terms of Internal governance. This article proposes some ideas to mitigate the risk of ineffective Internal governance and on the contribution of the Risk management system in a constantly evolving landscape with disruptive innovations such as the use of generative Ai.
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