Bravo! This Blog is an excellent leadership initiative, and one that I will watch with great interest.

In your mission / vision above, you mention the death of time, distance, the traditional corporation and traditional relationships.

How do you think this will affect the future of central banking? What will central banks look like in the future in terms of organization, workforce, place of work, and work environment?

Dale, thank you for your encouraging words. I do think that the profession of central banking will change in XXI century, and that the change will be dramatic. In my personal view central banks will become knowledge networking institutions, which will bring together experts from various fields, countries, institutions in order to make better decisions. This is already happening, think about research model adopted by ECB, Riksbank and many others. I think that knowledge management will become one of the most important processess in central banks and that this process will support all important tasks and goals the central banks strive to conduct and achieve. This would call for many changes in the organization of work (more flexible model will be adopted), it will lead to much heavier use of modern communication technology, will require different skills (including management skills) than those needed in the central banking of XX century, where central banks were ivory tower institutions.

Interisting perspective.. and I agree.

So, we will have networks of experts who will come together for specific projects and initiatives and then disband and move onto another project. I think Charles Handy first spoke of this type of organization in his book The Age of Unreason.

A couple of questions come to mind.

In the future, do you see central banks being smaller, with fewer employees working at a more strategic level for organizational continuity? Would these groups then stimulate the forming of expert networks, locally, regionally and globally, around specific projects or issues?

To operate well in this new, global networked enviornment, do you see a need to improve or better facilitate how people and groups work / collaborate together compared to today? Is that what you mean by “knowledge management”?

That is precisely what I have in mind. I believe that not only central banks, but all public institutions will transform themselves into learning-strategy focused organizations, at different speed though. Non-core competences will be outsourced, and knowledge will become the most precious asset. Organizations will recognize that innovation and progress can be accelerated only when one looks outside organization.

Actually I would be interested to start a project called “Central bank as learning and strategy focused institution in the XXI century. I will announce it on my blog. Ideally I should assemble a team of 5-6 people, who could do both visionary and empirical work atr central bank in their countries. Dale let me know if you are interested, we would have central banks of Canada, Poland and maybe few others and target a publication in central banking journal.

I would consider the direction of your thinking not just strategic, but “transformational”. Sometimes organizations that are too firmly rooted in the past have a difficult time turning towards and embracing the future. It seems to make sense that organizations must think transformationally to prepare for changes that will come, fueled by what are now our traditional external forces (technology, globalization etc.), but also the next generation workers (http://newparadigm.com/media/Tapscott-Optimize-NGen.pdf).

Am I interested? Absolutely.

hmmm … hate to say it but i don’t see central banks surviving … feudal states more likely … should consider “national heritage banks” where knowledge of the religous science is stored/funded/taught … oneness,dh

Hi, here I am in italy reading the deputy governor of the national bank in exile’s web site. Good stuff, although I don’t agree with much of it. Distance will certainly shrink in C21, To about 50 or so km’s as climate change bites and we go back rapido to local sourcing and supply and abandon long delivery chains.
I suspect the worst case scenarios are about right and no amount of techno wrench can get us out of the brown stuff now. Used to be said e coms would kill commuting. Did it hell. Said they would save paper and the forests. Did it hell. I said Poland would never be a grown up democracy and we talked about that many times. Another tick in the box. Right now I think the horizon is climate change plus nuke war as joint winners in the futures oscars. br Richard

I am not an economist, but I think that believe to have global economy and global goals in the near future is too optimistic. Due to human nature people are thinking about themselves, their families and communities first, than about everybody else. It is clear that knowledge is not perfect yet. Therefore after several mistakes and crisises, the tendence will be to separate and try to build “own prosperity” even if it is not the best idea. Human civilization is moving in spiral, but I am sure that Krysztof is very smart (if not smartest), because I know him from 10 years old, when he started to think about international cooperation by playing with foreign children (like me) on cruise ship.

Good luck to experts in economy!

To be precise from 7 years old, then we wrote letters each other in Russian and met in Tokyo, 15 years later, Now we blog in English between Canada and Poland, it is the global world.