Challenges for Central Banks Governance in the Context of a Deeper Economic and Monetary Union

The paper examines some of the challenges posed for the central bank governance model in the new unorthodox normality. While significant progress has been made debating conventional ideas about central bank orthodoxy, issue like institutional adaptation of central bank governance modelto better face the new reality is still subject to consideration. Can adaptation improve the overall quality of the governance model? This article suggests first, that adaptation calls forrebalancingkey functions without leaving aside two of much-prized features achieved in pre-crisis era of conventional consensus: maintaining price stability and independence; second, that adaptation requires innovation to prevent the governance model disruption and to boost public perception of the central bank.