Marcus Killick discusses the crucial balance between independence and accountability for financial regulators. He emphasises the importance of regulatory independence in maintaining credibility and effectiveness, especially in times of financial crises. However, he also highlights the need for checks and balances to prevent abuse of power and inefficiency.
The article explores the concept of accountability for independent regulators, explaining that accountability doesn’t mean direct control by external parties but rather a transparent and participatory process. It stresses that regulators must consider various stakeholders’ views and balance competing interests while remaining accountable.
Read the article: Who guards the guards?
(Article first published in The Gibraltar Magazine, 2005.)
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