The adoption of the euro in 1999 by 11 member states of the European Union created a single currency area second in economic size only to the United States. The euro zone's monetary policy is now set by the European Central Bank (ECB) and its Governing Council rather than by individual national central banks. This CESifo volume examines issues that have arisen in the first years of ECB monetary policy and analyzes the effect that current ECB policy strategy and structures may have in the future.After a detailed description and assessment of ECB monetary policy making that focuses on such issues as price stability and the predictability of policy decisions, the book turns to two important issues faced by European central bankers: the transparency and credibility of decision making and the ECB's decentralized structure. After showing that transparency in decision making enhances credibility, the book discusses the ECB's efforts at openness, its political independence as guaranteed by law, and its ultimate accountability. The book then considers the effects of the decentralized ECB structure, focusing on business cycle synchronization, inflation differentials, and differences in monetary policy transmission in light of the enlargement of the monetary union. The book also discusses options for ECB institutional reforms, including centralization, vote weighting, and cross-border regional banks.
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Editorial Reviews
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"Padoa-Schioppa, an eminent Central Banker and one of the founding members of the ECB's Board, gives us an excellent insider's view of the history, operations, and functions of the Eurosystem. In addition, and more contentiously, the book advocates more centralization to the ECB -- and away from the constituent banks -- of the central banking functions of payment system management and banking supervision in Euroland, in line with the present centralization of monetary policy."--Charles Goodhart, Financial Markets Group, London School of Economics and Political Science
About the Author
Jakob de Haan is Professor of Political Economy and Scientific Director of the research school SOM at the University of Groningen.
Sylvester C. W. Eijffinger is Professor of Financial Economics at the Center for Economic Research and the Department of Economics and Jean Monnet Professor of European Financial and Monetary Integration at Tilburg University.
Sandra Waller works at Bavarian Landesbank, a state-owned private institute.
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On January 1, 1999, Europe entered a new era with the adoption of a single currency-the euro-by eleven of the fifteen member states of the European Union (EU). Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
interest rate stepping, central bank disclosure, business cycle synchronization, operational disclosure, national central bank governors, procedural disclosure, central bank forecasts, new member countries, central bank transparency, portfolio balance channel, inflation dispersion, monetary policy strategy, price level convergence, euro area, downward nominal wage rigidity, exchange rate channel, individual voting records, credible central bank, economic disclosure, political disclosure, business cycle correlation, monetary policy transmission, accession group, shock correlation, inflation criterion Key Phrases - Capitalized Phrases (CAPs): (learn more)
Governing Council, Executive Board, Federal Reserve, Czech Republic, Bank of England, United Kingdom, Bank of Japan, European Parliament, European Union, Slovak Republic, Reserve Bank of New Zealand, Swiss National Bank, Deutsche Bundesbank, European Commission, Sveriges Riksbank, Banque de France, Big Five, President Duisenberg, Bundesbank Council, Currency Pass-through New!
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Front Cover | Table of Contents | First Pages | Index | Surprise Me!
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- Managing European Union Enlargement (CESifo Seminar Series) by Thomas Moutos in Back Matter
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- Systemic Financial Crises: Resolving Large Bank Insolvencies by Douglas Darrell Evanoff on page 438
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