Irish Times columnist Cliff Taylor has a piece in today’s edition on what skills the next governor of the Central Bank will need to do his/her job.
Here’s the key point in the article:
Whoever gets the job, the public verdict – rightly or wrongly – will quickly form on whether Ireland is going back to the old days of a central bank “captured” by Government and the banks, or whether the institution’s independence is underpinned for the future.
Here’s the reality:
For decades there has been a corrupt nexus between the political system, the Central Bank and the banking sector. The principal function of this corrupt nexus is to allow bankers to rob and plunder the resources of the state and its citizens at will.
The Central Bank has never acted independently; it will not act independently under the new governor, no matter who gets the job.