La Banque Centrale Européenne ou le Seigneur des euros

Jerome Creel and Jacky Fayolle

Revue de l'OFCE, 2002, vol. n° 83 bis, issue 5, 175-210

Abstract: This article assesses the first three working years of the ECB. This assessment is ambivalent: related to the precariousness of the European expansion, the ECB?s action appears too constrained by a very low inflation target. However, compared to the behaviour of the FED, the ECB seems show more inertia than excess of prevention. The FED is reactive and gradual: gradualism means the ability to implement at right time a clear and progressive orientation of the short-term rates. Inertia means lags and hesitations of the monetary policy. The ECB is the heiress of Bundesbank, but the difficulties to consolidate its reputation will push it to take into account the « good practices « of Anglo-Saxon central banks. Moreover, and whatever the critics its action can cause, it seems that the ECB was less restrictive than the action of Bundesbank would have been in similar circumstances. JEL codes : E52, E58.

JEL-codes: E52 E58 (search for similar items in EconPapers)
Date: 2002
References: Add references at CitEc
Citations: View citations in EconPapers (15)

Downloads: (external link)
http://www.cairn.info/load_pdf.php?ID_ARTICLE=REOF_074_0175 (application/pdf)
http://www.cairn.info/revue-de-l-ofce-2002-5-page-175.htm (text/html)
free

Related works:
Working Paper: La Banque centrale européenne ou le Seigneur des euros (2002)
Working Paper: La Banque centrale européenne ou le Seigneur des euros (2002)
Working Paper: La Banque centrale européenne ou le Seigneur des euros (2002)
Working Paper: La Banque centrale européenne ou le Seigneur des euros (2002)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cai:reofsp:reof_074_0175

Access Statistics for this article

More articles in Revue de l'OFCE from Presses de Sciences-Po
Bibliographic data for series maintained by Jean-Baptiste de Vathaire ().