Europe’s Quest for Monetary Stability: Central Banking Gone Astray

Jorg Bibow
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Jorg Bibow: The Levy Economics Institute

Macroeconomics from EconWPA

Abstract: This paper provides an overview of central banking arrangements in those European countries that have adopted the euro. Issues addressed include the structure of the “Eurosystem” and its central banking functions, the kind of independence granted to the system and the role of monetary policy that central bankers have adopted for themselves, the “two-pillar policy framework,” operating procedures, and actual performance since the euro’s launch in 1999. The analysis concludes that, given the current macroeconomic policy regime, trends, and practices, the euro is on track for failure.

Keywords: Central banking; monetary policy; European Central Bank; Eurosystem; central bank independence; policy strategy; operating procedure. (search for similar items in EconPapers)
JEL-codes: E42 E58 E61 E65 (search for similar items in EconPapers)
Date: 2005-08-26
Note: Type of Document - pdf; pages: 24
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Persistent link: http://EconPapers.repec.org/RePEc:wpa:wuwpma:0508029

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