Marin Muzhani
Volume 1, Issue 1
Published: Octomber 01, 2025
In a new monetary reality of the 21st century dominated by economy pricing with low inflation, low interest rate and low unemployment, it is recommended to have a more transparent and limited process controlled by administrative orders between treasury departments and central banks. This should reduce or abolish the concept of the central bank as being the ‘lender of last resort’ and eliminate central banks' ties to large financial corporations. The new process of administrative orders between treasury department and central banks would empower voters to exercise greater control over the political fortunes of such a process by allowing the central banks to collaborate with governments and other stakeholders under the control of a democratic process. Here, it is suggested that the new transformed central bank should be called the ‘National Monetary Authority’ (NMA) with shared administrative orders with treasury department under government supervision and being transparent to public regarding monetary policies. The creation of NMA will have a new monetary such as NIR and a new fiscal tool to fight high rising inflation.
Marin Muzhani, Researcher, Department of Economics, University of Florence, Canada.
Muzhani, M. (2025). End of Central Bank’s Independence: From Central Bank to National Monetary Authority. Econ Dev Glob Mark, 1(1), 01-41.