n Journal of Strategic Studies : A Journal of the Southern Bureau of Strategic Studies Trust - Measuring the statutory independence of the SADC model law

Volume 5, Issue 1
  • ISSN : 2076-6645
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Since the 1990s when New Zealand pioneered a new monetary policy regime predicated on an independent central bank as a means of ensuring the attainment and maintenance of price stability, there has been world-wide trend of more and more economies adopting this approach.

The Southern Africa Development Community (SADC) being no exception. To this end concerns are raised about its commitment to maintaining central bank independence. Moreover, being a regional body, in an emerging market, questions about the level of the independence of its Model Central Bank Law are relevant (SADC).
In assessing the legal independence an index developed by Cukierman, (1992) (CWN, 1992) is used.
Findings reveal that the Model Central Bank Law (SADC) has a relatively low legal independence compared to some Sub-Saharan Economies, which raises concerns about the lack of sufficient provision for independence of the central bank in the law.

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