Ukrainian Economy Minister Bohdan Danylyshyn has bitterly criticized the National Bank of Ukraine (NBU) for its 'inadequate monetary policy' and has called on the government to intervene in the NBU's work.
"The central bank's independence should not be an end in itself. Its proximity to the executive branch of power ... seems more efficient than the NBU's complete isolation from the government's economic policy," reads the statement by the minister, entitled "The Government and the National Bank: Searching for a Joint Strategy," which was posted on the ministry's Web site on Monday.
According to Danylyshyn, the strengthening of the government's influence on the NBU will make it possible to synchronize the state's economic strategy and make its implementation more efficient. It will also help clearly identify who is to blame if there are mistakes.
"It's obvious that the appointment of a candidate nominated by the government as the head of the regulator partly whittles down potential disputes between the two agencies. Moreover, the legislation of a large number of countries also foresees the involvement of the government in the central bank's activity," he said.
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