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Abstract:
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In a context of institutional flexibility and political necessity, central banks’ responses to
the recent crises modelled the scope of their mandate, in law and in action. The current
mandates of the European Central Bank, the Federal Reserve System, the Bank of
Canada, and of the Bank of England are examined in their constitutional, statutory, and/or
legal sources. This inquiry is complemented with recent policy statements and institutional
discourse to interpret the mandate of those central banks in action and their underpinning
objectives, tasks, and measures, during and in the aftermath of the crises. The central
banks’ mandate is furthermore contextualised within the examined central banks’
organisational structure and the constitutional settings of the EU and of the states in which
the central banks are embedded. |
