The European Central Bank and the Objective of Financial Stability: A Review of the Issues

Marco Lossani ()
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Marco Lossani: Università Cattolica di Milano, Facoltà di Economia, Postal: Largo A. Gemelli, 1 - 20123 Milano, Italy, http://www.unicatt.it/

Economia Internazionale / International Economics, 1998, vol. 51, issue 2, 211-228

Abstract: The need to reshape the institutional design at the basis of the Maastricht Treaty has been recently stressed. This paper considers some possible amendements to the Statute for the European Central Bank (ECB) and the European System of Central Banks (ECSB). The Statute shows a peculiar asymmetry between the two objectives traditionally assigned to central banking activities. While price stability gets an absolute priority, the objective of financial stability is almost neglected. Since the process of economic and monetary integration will not reduce the risk of financial distress in the European region, a larger and clearer role for ECB banking policy duties seems to be needed.

JEL-codes: E58 F15 (search for similar items in EconPapers)
Date: 1998
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Persistent link: https://EconPapers.repec.org/RePEc:ris:ecoint:0306

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