Central Banks Want More Women To Work For Them

Credit: Steve Wilson / CC-BY-SA 2.0/ Flickr

Andrew Wagner

Women are not very prevalent in monetary policy and only a few hold positions in central banks.

The Fed, Bank of England, and European Central Bank are investigating the lack of women helping to make decisions regarding monetary policy, according to The New York Times.

Only one woman is present on the Bank of England's Monetary Policy Council, the Federal Reserve has very few women, and only one member of the European Central Bank's policymaking Governing Council is a woman, who recently announced her resignation. “The underrepresentation of women is perhaps nowhere as visible as in central banks,” said Ana Lamo, a senior economist at the European Central Bank.

Christine Lagarde is to become the European Central Bank's first female president at the beginning of next month. Lagarde will oversee a Governing Council and be the only woman present on the council. Her term is eight years and she is expected to push for a larger female presence.

One Economist at the Federal Reserve, Deepa D. Datta, examined 3,000 reports published by the Fed and found that papers written by women are less likely to be published than papers written by men. The Fed has increased its hiring of women by analyzing work experience, rather than academic criteria. The lack of females in senior roles is the issue, as these roles are sometimes achieved through the help powerful political allies that tend to prefer men.

There is a lack of women in Central Banks and The Federal Reserve, European Central Bank, and Bank of England are pushing for a change.

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Economics, Finance and Investing