Principled Agents: Reflections on Central Bank Independence

Lesetja Kganyago, governor of the South African Reserve Bank (SARB) and chair of the International Monetary and Financial Committee (IMFC), delivered the 19th Annual Stavros Niarchos Foundation Lecture at the Peterson Institute for International Economics on April 15, 2019. Governor Kganyago spoke on “Principled Agents: Reflections on Central Bank Independence” to discuss the origins of criticisms towards central banks, in both advanced economies and emerging markets, and to present his arguments for central bank independence. The Honorable Stanley Fischer, a member of the Institute’s Board of Directors and its Executive Committee, introduced the governor.

Governor Kganyago is recognized globally as a leader with integrity and impact and has personally dealt with the challenges of policymaking in divided societies, as well as international governance from a developing-country perspective. He was appointed to his current role at the SARB in November 2014, where he had been deputy governor since May 2011.  In January 2018, he was appointed as the IMFC Chairman for a three-year term.  Governor Kganyago holds a master of science in development economics from London University.

The Stavros Niarchos Foundation Lecture has been presented at the Institute in previous years by such noted economists turned global policymakers as Agustín Carstens, Alan Greenspan, Mervyn King, Mario Monti, Lawrence H. Summers, Tharman Shanmugaratnam, Jean-Claude Trichet, Long Yongtu, and Ernesto Zedillo. The Institute’s signature annual event is made possible by the generous ongoing support of the Stavros Niarchos Foundation.