Watching the panel discussion on BBC’s Newsnight programme after the ECB’s announcement of its Outright Monetary Transactions policy last Thursday, a long-running criticism of central bankers was brought powerfully home even before any of the guests had opened their mouths.
For here was an all-woman group of qualified observers discussing decisions made in an environment so male-dominated it might as well be one of London’s traditional gentlemen’s clubs in St James. The ECB has no women on its executive board and none of the 17 heads of eurozone central banks that join the executive board on the bank’s rate-setting governing council is led by a woman. And the ECB is far from an exception — women are exceptionally rare in central banks the world over.
Economists love to portray themselves as iconoclasts who follow the evidence and act rationally. So why is central banking gender politics so 19th century? Read more