The Banker’s awards to finance ministers and central bank governors are designed to recognise the taking of tough decisions in the face of adversity. Many of those decisions will be unpopular in the domestic environment – cutting spending to balance a budget or raising interest rates to slow down a boom are rarely popular. But they are almost certainly the right decisions in the longer term.
The big dilemma for government leaders is whether they endure unpopularity for the long-term good of the country – or take the easy way out by doing what most people prefer, knowing they will probably be out of office by the time the economy deteriorates. The Banker’s awards recognise the former approach.
