| Abstract: | This paper compares the independence of the European Central Bank (ECB) to that of the South African Reserve Bank (SARB). Only their legal independence is compared rather than their actual or de facto independence. Two categories are discerned, namely political independence (the primary policy objective, governing structure, approval of monetary policy, locus of decisionmaking and fixity of independence) and economic independence (instrument independence, credit to the government, financial independence and accountability). The paper concludes that the ESCB (European System of Central Banks) has succeeded in one of its main aims, namely to make it fiercely independent of governmental influences. In comparison to the ECB, the SARB not only has less political, but also less economic independence. The latter is also influenced far more by external factors, constraining its independence. Bibliogr. [ASC Leiden abstract] |
Africana Periodical Literature 
Periodical article
Leiden University catalogue
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