Central Banking’s New Face

Recently, the Bank of Japan announced plans to unleash the world's most aggressive quantitative easing program, as part of a comprehensive economic strategy. This coordination of monetary and fiscal policy has spurred a rethinking of central banks' role – and could portend a new era of active and varied monetary policy.

LONDON – A changing of the guard is underway at many of the world’s leading central banks. Haruhiko Kuroda is now installed as the governor of the Bank of Japan (BOJ), faced with the daunting task of ending two decades of stagnation. Mark Carney, the Bank of Canada’s current governor, who is set to take over as the governor of the Bank of England (BoE) in July, is already making his presence felt in British monetary-policy debates. And in the United States, the expected conclusion of Ben Bernanke’s term as Chairman of the Federal Reserve Board in January is already inviting speculation about his successor.

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