The European Central Bank

Credibility, Transparency, and Centralization

Jacob De Haan, Sylvester Eijffinger, Sandra Waller - Collection CES ifo Book Series

288 pages, parution le 14/06/2005

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Résumé

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.

L'auteur - Jacob De Haan

Jakob de Haan is Professor of Political Economy and Scientific Director of the research school SOM at the University of Groningen.

L'auteur - Sylvester Eijffinger

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.

L'auteur - Sandra Waller

Sandra Waller works at Bavarian Landesbank, a state-owned private institute.

Sommaire

Introduction
The ECB: Structure, Strategy, and Policy
The ECB's Strategy: An Assessment
Transparency, Accountability, and Credibility of the ECB
Centralization or Decentralization
New Member Countries
Options for Reform
Conclusions
Notes

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Caractéristiques techniques

	PAPIER
Éditeur(s)	The MIT Press
Auteur(s)	Jacob De Haan, Sylvester Eijffinger, Sandra Waller
Collection	CES ifo Book Series
Parution	14/06/2005
Nb. de pages	288
Format	15,5 x 23,5
Couverture	Relié
Poids	500g
Intérieur	Noir et Blanc
EAN13	9780262042260
ISBN13	978-0-262-04226-0