On the Conduct of Monetary Policy in an Asymmetric Euroland

Paul Grauwe, Hans Dewachter and Yunus Aksoy

Chapter 9 in From EMS to EMU: 1979 to 1999 and Beyond, 1999, pp 208-225 from Palgrave Macmillan

Abstract: Abstract The institutional environment in which monetary policies are conducted in Euroland is by now well established. The European System of Central Banks (ESCB) is solely responsible for the conduct of monetary policy. Its mandate is to maintain price stability. Other objectives, such as output stabilisation, can be pursued by the ESCB provided these do not interfere with the primary objective of price stability. This institutional structure creates the possibility of conflicts about macroeconomic policies in Euroland.

Keywords: Interest Rate; Monetary Policy; Central Bank; Monetary Union; Taylor Rule (search for similar items in EconPapers)
Date: 1999
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-27745-2_14

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DOI: 10.1007/978-1-349-27745-2_14

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