The means for assuring accountability and transparency:

Question

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The means for assuring accountability and transparency differ among central banks of different countries. This is because each country has its unique economic/financial conditions, political environment, legal framework, and cultural factors that shape the central bank's mandate, objectives, and operational procedures. Therefore, the accountability and transparency mechanisms cannot be the same across the board. Instead, each central bank must design and implement the systems that fit its specific context, while adhering to the best practices and standards in the field. However, there are some common elements that most central banks share, such as regular reporting on their policy decisions, goals, outcomes, and risks, engaging with stakeholders (e.g., government, parliament, civil society) to explain their actions and listen to feedback, and conducting internal and external audits to monitor compliance, identify weaknesses, and promote learning.

The Means for Assuring Accountability and Transparency