Lebanon’s central bank controversy shows limits of technocracy

Lebanon’s central bank controversy shows limits of technocracy

Nadim Shehadi The controversy over last week’s appointment of Karim Souaid as the new central bank governor in Lebanon reveals the limits of what a technocratic government can achieve. The process was accompanied by an intensive and sometimes vicious media campaign, including personal attacks and populist conspiracy theories. It divided the country along unexpected lines, creating a rift between newly elected President Joseph Aoun and his prime …

Pauline Fadel wrote in the Kuwaiti newspaper Al-Anbaa: “Everything about the deposits that have been withheld in Lebanese banks since 2019 has been said by all Lebanese officials. It was something like, ‘No touching on deposits,’ ‘No writing them off,’ ‘Deposits are sacred,’ and ‘Preserving them is the state’s duty.’ There was also a torrent of statements, declarations, and phrases that increasingly became clear that they were and still are expr…