Central Bank Independence, Accountability and Transparency

The Case of Ukraine

Abstract

This paper discusses different dimensions and measurements of central bank independence, the arguments and possible drawbacks of granting more autonomy to central banks, factors influencing the degree of central bank independence, the experience of different countries, as well as objectives and procedures for strengthening central bank accountability and transparency. The paper makes an attempt to measure formal and actual degree of independence of the National Bank of Ukraine, to highlight the main problems undermining and effective independence, accountability and transparency of the Bank and, on the basis of conducted analysis, provides recommendations aimed at enhancing policy in the direction.