Reconsidering The Independence Of The European Central Bank
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Author | : Rudolf Richter |
Publisher | : |
Total Pages | : |
Release | : 2017 |
Genre | : |
ISBN | : |
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We argue that the doctrine of the economic advantages of central bank independence cannot be uncritically transferred to the European Central Bank (ECB). To our opinion, it is the State, not its central bank, who bears the ultimate responsibility for the purchasing power of its paper money. Now, the ECB is not the central bank of a single State but an association of States - the 19 Member States of the “Eurozone” - whose decisions demand unanimity. As a de-facto result, the ECB is as independent as a public administration can be. Now, the agreement on the European Monetary Union (EMU) as part of the Maastricht Agreement is an incomplete contract written in the form of a complete contract. It cannot be read to the letter. Furthermore, as long as EMU is in its stadium nascendi, president and governors of the ECB have to do 'whatever it takes' to get EMU moving. Consequentially, they must assume the role of a subsidiary government of the 19 EMU member States. Understandably, the European Commission (EC) is pondering over a “deeper and completed” European Union. Exactly this is also the answer given by contract theory. At this point, however, Albert Hirschman knocks at the door with his book Exit, Voice, and Loyalty.
Author | : Cornelia Manger-Nestler |
Publisher | : Springer Nature |
Total Pages | : 177 |
Release | : 2021-05-29 |
Genre | : Law |
ISBN | : 3030751155 |
Download Democratic Legitimation of Central Bank Independence in the European Union Book in PDF, Epub and Kindle
This short monograph examines the tense relationship between central bank independence and democratic legitimation, which has changed as the European Central Bank (ECB) has been entrusted with new tasks and faced unprecedented challenges. The financial and sovereign debt crisis, in particular, has affected the ECB's position within the Economic and Monetary Union without substantial changes in the Union's legal framework. However, the evolution of an institution primarily obligated to maintain price stability into an actor involved in sustaining financial stability, performing banking supervision and supporting economic policy raises the question of whether the high level of autonomy granted to the ECB is justified with regard to the principle of democracy that demands adequate accountability and control. This book identifies requirements for the democratic legitimation of central bank action in relation to specific tasks. Further, it analyses other scales of independence encountered in EU law in order to allow readers to gain a better conceptual understanding of central bank independence.
Author | : Stan Du Plessis |
Publisher | : Cambridge University Press |
Total Pages | : 362 |
Release | : 2024-05-02 |
Genre | : Business & Economics |
ISBN | : 1108621341 |
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Central bank independence has become one of the most widely accepted tenets of modern monetary policy. According to this view, the main role of independent central banks is to maintain price stability through the adjustment of short-term interest rates. Reconsidering Central Bank Independence argues that the global financial crisis has undermined confidence in this view as central banks increasingly have to address concerns other than price stability, such as financial stability, the need for output recovery and other broader policy goals. Large balance-sheet expansion by central banks followed the global financial crisis, which overlapped considerably with the financial policy of their respective governments. Exploring the consequences of this shift to a more diverse set of policy challenges, this book calls for a return to the consensus role for central banks and analyses what this might mean for their future independence.
Author | : Jan Kleineman |
Publisher | : BRILL |
Total Pages | : 238 |
Release | : 2021-10-18 |
Genre | : Law |
ISBN | : 9004481303 |
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In December 1999, prior to the forming of a Stockholm Centre for Commercial Law, an international symposium entitled Central Bank Independence was held at the Department of Law at Stockholm University in co-operation with the Swedish Central Bank (The Riksbank) and Queen Mary and Westfield College, London University. The participants were principally political, economic and legal specialists in the field, all with considerable international experience. This led to the topic being examined in detail from many different perspectives. This publication includes contributions by the participants and contains many important facts for those readers who wish to study and understand the different consequences of the yielding of control over financial policymaking by the traditional political organisations to a body of experts. For readers in some countries, who realise that the subject will revolutionise traditional Constitutional and Administrative Law, the topic and therefore this publication, cannot be ignored.
Author | : Hanspeter K. Scheller |
Publisher | : |
Total Pages | : 229 |
Release | : 2006 |
Genre | : Banks and banking, Central |
ISBN | : 9789289900270 |
Download The European Central Bank Book in PDF, Epub and Kindle
Comprehensive 200-page overview of the ECB from its inception in June 1998 until the present day.
Author | : Masahiro Toyoda |
Publisher | : |
Total Pages | : 48 |
Release | : 2013 |
Genre | : Banks and banking, Central |
ISBN | : |
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Author | : D. Howarth |
Publisher | : Springer |
Total Pages | : 292 |
Release | : 2003-05-14 |
Genre | : Business & Economics |
ISBN | : 0230503101 |
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David Howarth and Peter Loedel provide a theoretically inspired account of the creation, design and operation of the European Central Bank. Issues explored include the theoretical approaches to the ECB, the antecedents of European monetary authority, the different national perspectives on central bank independence, the complex organisation of the bank, the issues of accountability and the difficult first years of the ECB in operation.
Author | : Maria Demertzis |
Publisher | : |
Total Pages | : 52 |
Release | : 1998 |
Genre | : Banks and banking, Central |
ISBN | : |
Download Independently Blue? Book in PDF, Epub and Kindle
Author | : Otmar Issing |
Publisher | : |
Total Pages | : 42 |
Release | : 1993 |
Genre | : Business & Economics |
ISBN | : |
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Central bank independence is now a major issue in debates about institutional reforms designed to improve economic performance. Professor Issing's paper is notable for its scholarly discussion of the meaning of 'independence' and his analysis of its effects. Moreover, because of his position inside the Bundesbank which is among the most independent of central banks and which provides a model for the constitution of the proposed European Central Bank he writes with a degree of expertise not available to most authors. Interest in central bank independence arose from the world-wide acceleration of inflation in the 1 970s which stimulated interest in means of 'anchoring' anti-inflation policy. Germany was in advance of other countries in recognising the importance of price stability and es-tablishing an institution to produce it, making the Bundesbank independent in 1957. Professor Issing argues that when independence is coupled with a price stability objective, economic performance appears to improve. Not only is inflation lower, but there is evidence that real growth is higher. In his view, central bank independence comes 'top of the list' of institutional arrangements designed to safeguard the stability of money.
Author | : Panicos O. Demetriades |
Publisher | : |
Total Pages | : |
Release | : 2019 |
Genre | : Euro |
ISBN | : 9781788212861 |
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