It is cause for concern when the world’s biggest bankers sit on the same boards and invite the major regulators, central bank chiefs and finance ministers to their meetings, gathering up awards and praise while keeping those parties firmly entrenched within their sphere of influence. The relationship between private banks and central banks is a complex one that is mired in overlap, mutual interests and mutual benefits: a system in which more profit and power is continually bestowed on ever fewer global banking chiefs and technocrats who are unelected, unaccountable and unapproachable – except, of course, to other members of the Institute of International Finance.
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