Cato fellow calls for central bank cull

The growth in the last hundred years in the number of countries with a central bank has been damaging for many emerging markets and is one cause of prolonged and repeated financial crises. The solution is to cut down on the number of central banks, according to Steve Hanke, Johns Hopkins Professor and Cato Senior Fellow.
Many central banks are relatively new. In 1900, there were only 18 central banks in the world. By 1940, forty countries had them, and today there are 164, Hanke notes.

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