Central banks may wield significant fiscal power, raising the need for a debate on the limits of delegated authority, panellists at a conference hosted by the Deutsche Bundesbank said today (July 9).

In a panel brought together to discuss the relationship between central banks and fiscal authorities, academics and central bankers focused on the fiscal effects of quantitative easing and the lender of last resort function.

Alan Auerbach, a professor of economics and law at Berkeley, said it is