Central Bank Modernisation - Risk Books
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Central Bank Modernisation

Edited By Neil Courtis and Peter Nicholl


As central banks around the world upgrade their governance and strategic planning and manage major internal and external reforms, this compilation of studies by leading experts shows how these challenges can be met.

Central Bank Modernisation is the first complete analysis of how policymakers can confront and surmount these obstacles. The book combines rigorous analysis with practical case studies to illustrate how many leading central bankers have in practice reformed their institutions.

A Central Banking Publications book

Publish date: 25 Apr 2008

Availability: In stock


Book description

Central bankers throughout the world are facing pressures to demonstrate that their institution is meeting the high standards expected of a modern central bank. Many are currently in the process of effecting radical change either of specific functions or of the entire institution.

The technical challenges central banks take on in introducing a new currency or payment system, or reforming the process of policy making, or in reforming national financial sectors are severe.

But policy-makers are handicapped in their endeavours by the lack of any “roadmaps” to guide reform. Despite assistance from the international financial institutions and others, governors, directors and managers within central banks face a daunting “to do” list, and a diverse and growing group of stakeholders to satisfy.

Central Bank Modernisation is designed to help policymakers confront and surmount these obstacles. It presents the lessons of experience.

Edited by Peter Nicholl, former governor of the Central Bank of Bosnia and Herzegovina, and Neil Courtis of Central Banking it combines rigorous analysis with practical case studies showing how the world’s leading central banks have reformed themselves and their economies.

Each case study is authored by the senior staff, often the governor, of the institutions involved. Other sections of the book examine the main drivers for change: demands for transparency and accountability, increasing calls for information on economic performance and a new focus on central bank efficiency, on top of traditional concerns about policy effectiveness.

For all those involved in central bank and financial sector reform, this book provides an invaluable collection of institutional wisdom, drawing together tried and tested solutions into a single volume.

Book details

Publish date
25 Apr 2008
155mm x 235mm

Editor biography

Neil Courtis and Peter Nicholl

Peter Nicholl was a member of the governing board at the Central Bank of Bosnia and Herzegovina (CBBH) and before that governor at the CBBH from 1997 to 2004, during which time the central bank introduced its own currency and was established as an institution across the whole country and. In 1972 he joined the Reserve Bank of New Zealand where he worked for 22 years. He was chief economist for five years and deputy governor and deputy chief executive from 1990-95. From 1995-97 he was executive director on the board of the World Bank representing New Zealand, Australia, Korea, Cambodia, Mongolia and seven Pacific island nations.

Table of contents

About the authors

1. Introduction

Peter Nicholl, Central Bank of Bosnia and Herzegovina


2. The challenge of reform

Leszek Balcerowicz, National Bank of Poland

3. Why change?

John Mendzela, Mendhurst Associates

4. Enhancing transparency in central bank reporting

Kenneth Sullivan, International Monetary Fund


5. Central bank operational efficiency: meaning and measurement

Vern McKinley, BearingPoint and King Banaian, St Cloud State University

6. Restructuring financial supervision: the UK experience

Michael Foot CBE, Central Bank of the Bahamas

7. Unification of financial sector regulators: the case of Kazakhstan

Bryan D. Stirewalt, BearingPoint

8. Alternative models for outsourcing banknote services

Adrian Baxter, Alan Gerard, Bill Melbourn and Barry Noble



9. Managing central bank IT

Bruce J. Summers, Federal Reserve Information Technology

10. Do all central banks need a well-developed brain?

Marko Skreb, Independent Evaluation Office, International Monetary Fund

11. Strategic management in central banks: the South African experience

Francois J. van Zyl, South African Reserve Bank

12. Strategic planning: a key to effective corporate governance

Mark L. Jewett and Colleen Leighton, Bank of Canada


13. Twenty years of modernisation: the Reserve Bank of New Zealand

John Singleton, Arthur Grimes, Gary Hawke and Frank Holmes

14. Payments system reform: a case study of Bosnia and Herzegovina

Peter Nicholl, Central Bank of Bosnia and Herzegovina

15. Timor-Leste: starting from scratch

Luis Quintaneiro, Bank of Portugal

16. The role of the State Bank of Pakistan in reforming the

financial sector

Ishrat Husain, State Bank of Pakistan

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