Central banks should be independent of government. But our research shows they are under political pressure

By Igor Goncharov, Professor of Accounting, LUMS Doctoral Programmes Director, Lancaster University
Vasso Ioannidou, Professor of Finance, City, University of London

In 2023, central banks, which manage the monetary policy of a country, faced unprecedented financial losses – the US Federal Reserve alone reported a record US$114.3 billion (£86 billion) operating loss.

Losses like this have become increasingly common, with 40% of central banks in developed countries recording deficits in 2023 (see the graph below). This made 2022 and 2023 the worst years in recent history.

These shortfalls raise concerns about…

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