Constitutions in OECD Countries: A Comparative Study
Background Report in the Context of Chile’s Constitutional Process
Chile has embarked on an ambitious path towards a new constitution. For all countries, drafting a new constitution or amending an existing one is a stimulating challenge, but also a demanding process from both a political and technical standpoint. This report presents the results of a benchmarking exercise conducted by the OECD of possible constitutional provisions, reflecting the experiences of OECD member countries. The components covered include economic and social rights, the system of government, multi-level governance, constitutional review, fiscal governance and the role and functioning of central banks.
Also available in: Spanish
Central banks’ governance and operations
This chapter outlines the importance of central banks in ensuring price stability and thus contributing to economic development and financial stability. It provides an overview of how the central bank can be institutionalised through the constitution. It shows that central bank legal frameworks vary across countries, reflecting differences in history and legal systems, and that while in some countries the central bank's role and responsibilities are referred to in the constitution, in most countries they are set out in detail in primary legislation in the form of a specific central bank law. This chapter stresses that, irrespective of the legal framework and specific arrangements, central bank independence requires legal guarantees of operational autonomy combined with accountability and transparency requirements.
Also available in: Spanish
- Click to access:
-
Click to download PDF - 728.81KBPDF