Gobernanza de bancos centrales para los desafíos del siglo XXI

After decades of consolidation in the world of a monetary scheme based on autonomous central banks, new challenges have arisen for monetary policy and financial stability derived from the successive economic crises of the past fifteen years and the strong increase in inflation in the last quarters. These challenges require revisiting some aspects of central bank governance. Taking into consideration the most relevant financial debates today and best international practices, this article reviews those principles that have supported the success of central banks, and that constitute the basis of modern central banking. Aspects related to the mandate, the availability of tools, the autonomy of its members and the accountability processes are reviewed in detail in order to establish which elements of the institutional framework should be maintained and which should be strengthened to face future macroeconomic challenges.