Central Banks Are Turning to the Fed: Global Trends

Central Banks Worldwide Turning to Fed Experience

Recently, it has been observed that central banks around the world are appointing names from Europe and the USA to high-level positions. In the case of the Central Bank of the Republic of Turkey (CBRT), following the appointment of Murat Taşçı as chief economist, the new deputy governor Gazi İshak Kara has started his duty. In 2024, Fatih Karahan, who has been serving as an economist at the New York Fed, will be appointed as the president.

New Appointments

In October, David Lopez-Salido began his role at the Bank of Spain. Additionally, significant appointments were made at the central banks of Switzerland and Italy. This particularly shows that the experience at the Fed is considered valuable.

Importance of Fed Experience

Bankers like Gazi İshak Kara and David Lopez-Salido gained experience at the Fed's regional branches or its headquarters in Washington before reaching high-level positions. According to some officials, the Fed is an "extraordinary place" to gain firsthand experience in central banking. This confirms how much central banks value experience from the Fed.

Scotti's Fed Experience

Chiara Scotti, a Dallas Fed official, was appointed at the Bank of Italy in December 2023. In a November interview, she stated, "My experience at the Fed was very formative. I take pride in having experienced the best of both worlds."

Antoine Martin and 2024 Appointments

Antoine Martin started as a policymaker at the Swiss National Bank at the beginning of 2024. Martin, who spent much of his career in the USA, began his career at the Kansas City Fed and later moved to the New York Fed.