The need for public justification is a vital, if overlooked, check on power. If an institution cannot convincingly explain why it does what it does, consequences naturally will follow. In recent months, the Federal Reserve has been citing global economic conditions to vindicate its monetary policy choices. The question is, is this a sufficient justification? Should the Fed accept responsibility as the de facto central bank of the world?

Hosted May 5 by the American Enterprise Institute, R Street’s Alex J. Pollock moderated a discussion on this question and more, featuring Stephen Roach of Yale University, Vincent Reinhart of the American Enterprise Institute, Charles Collyns of the Institute for International Finance and Desmond Lachman of the American Enterprise Institute. Watch the full panel below.