Balance of Power: Central Banks and the Fate of Democracies

Central banks now stand between societies and collapse, but are they still democratic?

Two decades of financial crises have dramatically expanded central banks’ powers. In 2008, and then again in 2020, unelected banking officials found themselves suddenly responsible for the public welfare—not just because it was necessary but based on an idea that their independence from political systems would insulate them from the whims of populism. Now, as international crises continue and the scope o...