This book looks at independence, how central banks can actually influence their respective economies, goals responsibilities and governance with contributions from such scholars as Anne Sibert and Forrest Capie.

Introduction Forest Capie: Some scattered thoughts from history on evolution and design in central banking Juha Tarkka: The north European model of early central banking Comments by Ludger Linnemann Alex Cukierman: Central bank independence and monetary policy making institutions - past present and future Comments by Roland Vaubel Mark Wynne: How should central banks define price stability? Comments by David Mayes Georg Rich: A proposal for extracting policy information from the ECB's second pillar Comments by Roger Clews Hans Gersbach and Volker Hahn: Forward guidance for monetary policy: Is it desirable? Comments by Heinz Herrmann Michael Ehrmann and Marcel Fratzscher: Designing a central bank communication strategy Comments by Jakob de Haan Mathias Person: Achieving financial stability in a world of cross-border institutions Comments by Geoffrey Wood What kind of research in central banks? - a panel