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How to reform a central bank – issues related to governance and management Lars How to reform a central bank – issues related to governance and management Lars Heikensten Member of the European Court of Auditors, former Governor, Sveriges Riksbank

Forces behind the changes • • • Deregulation Internationalization of markets, systems etc. Technical Forces behind the changes • • • Deregulation Internationalization of markets, systems etc. Technical change Transparency/Accountability Credibility Independence

“Staff, Functions, and Staff Costs at Central Banks”, Jorge E. Galán Camacho & Miguel “Staff, Functions, and Staff Costs at Central Banks”, Jorge E. Galán Camacho & Miguel Sarmiento Paipilla

“Danmarks Nationalbank’s operating costs and number of employees ibnan international comparison”, Erik Haller Pedersen “Danmarks Nationalbank’s operating costs and number of employees ibnan international comparison”, Erik Haller Pedersen

The essential changes • Efficiency - focus on the essential • Professionalization /more academics The essential changes • Efficiency - focus on the essential • Professionalization /more academics • New governance structures

Efficiency and concentration 1. Taxpayers money. Link to independence. Lead by example 2. The Efficiency and concentration 1. Taxpayers money. Link to independence. Lead by example 2. The core functions? Law, analytical approach etc. 3. Form a strategy. Use opportunities. Delegate within frames 4. Openness a tool

Core functions • Monetary policy management • Financial stability/supervision • Lender of last resort Core functions • Monetary policy management • Financial stability/supervision • Lender of last resort • Foreign exchange and reserves management • Payment and settlement systems • Currency and coin management • Fiscal agent Can be discussed.

Operational Functions performed by CB (2000, 2004) Central Bank / Function Financial Supervision Banknote Operational Functions performed by CB (2000, 2004) Central Bank / Function Financial Supervision Banknote Printing RPS Operations LVPS Manual Operation Automated 2000 Australia Austria Belgium Canada Cyprus Denmark England Finland France Germany Greece Hong Kong Iceland Ireland Israel Italy Japan Kuwait Luxembourg Netherlands New Zealand Norway Portugal S. Korea Singapore Spain Sweden Switzerland USA Currency Operations . . . . Yes Yes Yes. . Yes 2004. . . . Yes Yes Yes. . Yes 2000 2004 . . Yes Yes Yes Yes. . Yes . . Yes. . . . Yes Yes Yes. . Yes Yes. . . Yes Yes. . . . . . Manual 2000 2004 . . . . Yes. . Yes . . . . Yes. . . Coin Mining . . . . Yes. . Yes . . . . Yes. . . 2000. . . . Yes. . . 2004. . . . Yes. . . 2000. . Yes. . . . . 2004. . Yes. . . . .

A professional organization 1. Need for analytical frameworks 2. Raise academic levels and standard A professional organization 1. Need for analytical frameworks 2. Raise academic levels and standard of research 3. Cultivate all functions

New governance structures 1. Reasons behind boards and MPC: s 2. Difficulties for management New governance structures 1. Reasons behind boards and MPC: s 2. Difficulties for management 3. Clear lines of responsibility/delegation 4. One size does not fit all in communication

Summary and conclusions • Analyze current objectives. Refocus them towards the most appropriate ones: Summary and conclusions • Analyze current objectives. Refocus them towards the most appropriate ones: price and monetary stability. Basis for time-limited (e. g. 3 years) strategy document. • Review current functions by breaking down operations in processes. Bench-mark. Involve those responsible in the work. But set direction. • Historical reasons for many functions. Eliminate non-core functions through sales, transfers or close downs. • Develop core functions. Improve analytical and communicative skills. Aim for high standard in remaining support functions. • Continuous review though comparisons with models or benchmarking with other central banks. Communicate and get ideas. • Never forget that we are talking about tax payers’ money.