Chereads / Rise of a Finance Minister / Chapter 256 - Central Banking

Chapter 256 - Central Banking

As Deputy Minister of Commerce, Will knew that the first thing he had to do was familiarize himself with his new position. Will's top priorities were creating a Central Bank and relaxing banking regulations to stimulate economic activity. By addressing these core issues, Will aimed to lay the groundwork for sustainable growth and prosperity.

If he wanted to, Will could have simply pushed paperwork all day to fulfill his job requirements. However, he found such an approach tedious and unfulfilling. For an accountant, finding a job tedious was a dangerous sign. No, he swore to modernize Fermion's rudimentary medieval economic policies, or at the very least, to align with King Roland's Philosophy of Mercantilism, and hisTreatise on Classical Economy.

The Central Bank was housed in an abandoned building near the palace. After the war on Albania, there were several abandoned buildings. With the Central Bank, Will wouldn't have to use his banks to provide bonds to the kingdom. Instead, the kingdom could issue bonds, enact new currency, and insulate the kingdom's economy from shocks.

Constructing the Central Bank, allowed him to construct Federal Banks in Yorkshire, Gadreel, and Durres. These Federal Banks served as regional extensions of the Central Bank, ensuring that the kingdom's financial reach extended to every corner of its territory. They distributed currency, offered credit to local economies, and acted as a stabilizing presence in their regions.

By serving as Deputy Commerce Minister and President of the Fermion Central Bank, Will orchestrated a masterstroke that brought the merchant guilds and banks firmly under his control. This unprecedented move sent ripples through the economic landscape, placing the guilds, merchants, and nobles on high alert.

The guild masters knew Will was ambitious, that was why they sought to curry favor. They understood that aligning themselves with Will wasn't just a strategic move; it was a necessity for survival. Yet he caught them off guard again. His growing control over the merchant guilds and banks had shifted the balance of power, and those who failed to recognize his dominance risked being left behind—or worse, crushed under his growing authority.

The king and duke were surprised, but they said nothing. They understood that Will's expanding economic control also bolstered the king's political influence. Every merchant guild, every bank, and every trade route brought more threads into the King's tapestry of power.

Moreover, their silence spoke volumes. It signaled that the king and Will were aligned. It affirmed the King's decision to appoint Will as the next Finance Minister of Fermion, replacing Duke von Whitby. Furthermore, the king and duke's silence signaled not just the changing of a position but the realignment of authority itself.

With the central and federal banks now fully staffed and operating efficiently, Will shifted his focus to the Commerce Ministry. It didn't take long for him to pinpoint two critical issues hampering its effectiveness. First, the overwhelming amount of red tape suffocated progress, bogging down even the simplest of transactions in layers of bureaucratic approval. Second, the ministry suffered from excessive redundancy, with multiple departments duplicating efforts and creating unnecessary inefficiencies.

These problems were more than mere inconveniences—they were barriers to the streamlined, growth-focused system Will envisioned. Resolving them would require nothing short of a complete overhaul, and Will, ever the pragmatist, was prepared to do whatever it took to cut through the clutter and bring the ministry in line with his ambitious goals.

He began by assembling a team of sharp-minded administrators, individuals who shared his disdain for inefficiency and his appetite for results.

Will wasted no time in implementing his reforms. Will hired several clerks, who shared his disdain for inefficiency and his appetite for results to audit both his ministry and the Tax Ministry. He included the Tax Ministry, because tax collectors played a pivotal role in collecting corporate sales taxes as well as household income taxes. Together, they conducted a thorough audit of the ministry, mapping every process and identifying the most glaring inefficiencies.

Auditing became the cornerstone of his strategy, ensuring accurate, data-driven management. Reliable financial statements were essential not only for public trust but also for informed policymaking. Historical precedents supported his approach. The U.S. Securities Exchange Act of 1934, for example, established the Securities and Exchange Commission (SEC), requiring companies to submit audited financial statements. Similarly, the European Union's European Securities and Markets Authority (ESMA) upheld rigorous financial reporting standards to safeguard transparency and accountability.

Will's first directive as Deputy Minister was to mandate that all businesses and guilds submit annual financial reports to his office. To his surprise, this directive faced little resistance. Most business owners were already accustomed to such practices, as the Fermion Trade and Stock Exchange (FTSE) required quarterly and annual reports. For many, his mandate simply aligned with existing expectations, reinforcing the perception that Will's leadership was pragmatic and in tune with the realities of the commercial world.

His approach was swift and unapologetic, earning him both praise and ire within the ministry. Yet, the results were undeniable—trade permits were issued half the time, merchant disputes were resolved with newfound efficiency, and the ministry began to resemble the lean, effective machine Will had envisioned.

Moreover, business owners praised Will for cutting red tape and making his office more efficient and client focused. While bureaucracy is inherently impersonal, Will encouraged his employees to adopt a friendlier approach.

Instead of relying on traditional morale-boosting campaigns—which Will had always found to be ineffective and uninspiring—he implemented a simple yet innovative incentive program. At the heart of it was a small but powerful gesture: a bell prominently installed in the office, labeled Ring the Bell for Good Customer Service. The premise was straightforward: whenever a satisfied customer rang the bell, the clerk who had assisted them received a reward of five gold coins. Five gold coins for his noble staff was trivial, but the prestige they earned was priceless.

To ensure fairness and foster teamwork, Will included a provision that if two clerks collaborated to assist the same customer, both would receive the full bonus. This approach encouraged cooperation rather than competition, creating a supportive and motivated work environment. The sound of the bell quickly became a symbol of pride and accomplishment, resonating through the office and uplifting morale with every cheerful ring.

Will's generosity didn't go unnoticed, either. Word spread among the staff and the public about the program, enhancing both employee engagement and the ministry's reputation for exceptional service.

The program also had a ripple effect, with other ministries starting to explore similar initiatives to improve efficiency and satisfaction. While Will knew the program's long-term viability would require careful management, its immediate success was undeniable.

After addressing red tape, reducing redundancies, mandating financial reports, and improving customer relations, Will turned his attention to physical barriers. The Commerce Ministry's operations were closely tied to those of the Tax Ministry, yet their offices were separated by walls.

One day, without seeking permission or making any prior announcement, Will and his assistant, Vanessa, descended to the first floor where the ministries' offices were located. As they entered, the clerks promptly stood and bowed, their movements hurried and synchronized.

"Good morning, Deputy Minister von Ballard. How may we assist you?" asked an older, balding manager, his tone deferential yet uncertain.

Will offered him a warm smile. "Oh, don't mind us. Carry on with your work."

Vanessa glanced at Will, her brow furrowed in confusion. She had no idea why he had brought her along or what he intended to do. Will, however, moved purposefully, scanning the area with an air of determination. His gaze settled on the wall dividing the Revenue Ministry from the Commerce Ministry. Without a word, he began inspecting the structure, his fingers tapping lightly on the surface as he sought out the support beams.

Then, without warning, he raised his hand and cast Erosion. The spell worked methodically, disintegrating the wall in a controlled manner. Dust and debris fell away as a clean, open corridor took shape, connecting the two offices. The once-separate spaces were now unified under his watchful eye.

The clerks in the Revenue Ministry froze in shock, their faces a mixture of awe and terror. Rumors of Will's boldness—and occasional ferocity—had long circulated among the staff, but this was unlike anything they had imagined.

"D-D-D-Deputy von B-Ballard, h-how can we assist you?" stammered a young clerk, his voice trembling.

Will turned to him with a reassuring smile. "Oh, nothing at all. I just thought our offices should collaborate more closely. Since your team collects taxes for us, it makes sense for us to be neighbors, don't you agree?"

"Y-yes, absolutely!" the clerk blurted out, nodding furiously.

"Good," Will said, clasping his hands together. "From now on, let's work together seamlessly. To celebrate, dinner and drinks are on me tonight!"

The room erupted into cheers, the earlier tension replaced by excitement.

"Can we bring our families?" asked a maternal-looking woman with a hopeful expression.

"Of course!" Will replied warmly. "As long as you mingle and enjoy yourselves, I'm happy."

Just then, the Minister of Revenue appeared, his face flushed with irritation. "Who removed this wall—" he began, but his words faltered the moment he saw Will standing in the rubble.

"Ah, Deputy Minister, you're here. Did you do this?" the minister asked, his tone shifting to cautious respect.

Will nodded calmly. "I did."

"Very good, then. Carry on, everyone," the minister said briskly, making a hasty exit as though he wanted no part in questioning Will further.

Later that evening, Duke Francis couldn't stop laughing as his assistant recounted the tale.

"That's absolutely brilliant! Why didn't we think of this sooner?" he asked, wiping away tears of mirth.

"It was suggested before, Your Grace, but the Deputy Minister of Revenue opposed it," the assistant explained.

"Ah, of course. That old stick-in-the-mud," the Duke chuckled. "I wish I could have seen Donovan's face when he realized what Will had done."

Just then, King Roland entered the chamber, curious about the source of his uncle's amusement. "What's so funny?" he asked, his authoritative tone softened by genuine interest.

The duke's assistant repeated the story, and soon both the king and duke were laughing.

"At least he's decisive," the King remarked once he composed himself. "Should we issue a statement about this...'renovation'?"

"No need," the Duke replied, waving the suggestion away. "Let it serve as an unofficial sign of support. Besides, if revenue improves, who cares why he did it?"

"I wonder what he's planning next?" the King asked.

"He has an uncanny vision, that's for sure" the duke said.

The King nodded, reassured by his uncle's confidence.

"Fine. Anyhow, I came here for a different reason. Have you chosen our World Economic Forum delegation?" King Roland asked, his tone shifting to one of focus.

"I have," Duke Francis replied with a nod. "But I'll admit, it was more difficult than I anticipated. I first approached Tirana's Merchant Guild Master, David von Newton, but he declined, saying he was co-leading Fermion's Merchant Guild delegation."

The King raised an eyebrow. "Strange. Go on."

"Several others I approached were also committed, either leading or co-leading other delegations. In the end, I finalized the three ministers under Will—Deputy Minister of Revenue Francis II, Adviser Chen, and, of course, Will himself," the Duke explained.

The King exhaled sharply and leaned back in his chair. "I admit, the Forum has me on edge. Hosting so many countries and dignitaries in such a remote town—it feels like the perfect setup for a trap. What do you think he's planning?" he asked, his voice tinged with unease.

Duke Francis regarded his nephew thoughtfully. "What do your spies tell you?"

"Nothing unusual," the King replied, stroking his beard. "The reports focus on construction projects—lodges, shops, and other basic amenities. Yet, somehow, it all seems too simple."

The Duke chuckled. "Simple? With Will? Nothing is ever simple. He's always playing a longer game, like a board game or a deck of cards where every move is calculated for profit. The real question is: how will he profit from this?"

The King frowned. "Is the answer as straightforward as making Kukes more lucrative? Or is there a deeper, covert reason?"

Duke Francis leaned forward, resting his elbows on his knees. "Consider this. Your cousin—my son-in-law—effectively controls the entire Western Region. His brother Jason now commands the northwestern region, his vassal holds the center-west, and he directly governs the southwest. By controlling the three largest cities in each area, he essentially dominates our entire western boundary."

The King's frown deepened, his curiosity piqued. "What are you implying?"

"Look at each territory," the Duke said, counting them off on his fingers. "He transformed his ancestral barony into a viscounty by turning it into a soybean farming powerhouse. He elevated Baronet von Wright into a puppet leader while turning Kukes from a backwater mountain town into a thriving tourist destination. And the strangest part? He did absolutely nothing to his second fiefdom, Lezhe, yet it's now the top beachfront resort town in the kingdom."

The King considered this, nodding slowly. "It seems random. No obvious pattern, except for profit."

"Exactly," the Duke agreed, his voice firm. "The tax base for all three cities has grown exponentially under him. What were once pariah fiefdoms meant as punishments are now prime estates coveted by the gentry. Will doesn't just find value—he creates it. We all thought he wanted Kukes for the gold mines in its mountains, but the truth is simpler. Will builds gold mines. Why would he need natural ones?"

The King sighed, leaning back once more. "You're right, as always. Maybe my nerves are getting the better of me. Hosting so many dignitaries could backfire disastrously. If something goes wrong, the kingdom might face war."

Duke Francis dismissed the concern with a wave of his hand. "Let them come. If they dare to provoke a Grandmaster Spellsword, his Sage master, and all of Will's trade partners, let them try. I heard rumors that Will now has dragons living in his fiefdom. Dragons, mind you! Who would be foolish enough to challenge Fermion?"

The king massaged his temples, desperately trying to offset the oncoming headache. "Yes, I've heard the rumor?"

The duke grinned. "Whether it's true or not, it doesn't matter. The perception alone is enough to keep the empire at bay."

King Roland frowned slightly, jealousy flickering in his eyes. "You seem to have more faith in your son-in-law than your king."

"Of course I do," the duke replied without hesitation, laughing heartily. "Will's younger, stronger, and wealthier than both of us combined. I'd be lying if I said I wasn't jealous. Show me a man who isn't, and I'll renounce my title on the spot!"

The king shook his head, but a small smile crept onto his lips. "Perhaps you're right. Still, I'm glad the delegation is in order. Don't forget, the Adviser Meeting starts shortly. Don't be late."

"I wouldn't dream of it," the duke replied, watching with amusement as his nephew left the room.