Dependence on Independence. Central bank lawyers and the (un)making of the European economy

Stephanie Mudge () and Antoine Vauchez ()
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Stephanie Mudge: UC Davis - University of California [Davis] - UC - University of California
Antoine Vauchez: CESSP - Centre européen de sociologie et de science politique - UP1 - Université Paris 1 Panthéon-Sorbonne - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique

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Abstract: We analyze the trajectory of independence in the formation of the European Central Bank (ECB), conceptualized as a boundary organization that, by delineating the European economy, contributes to a supranational state effect. Success in the effort, however, requires the ECB to constantly assert a separate and special status, despite its embeddedness in multiple fields. Focusing on the European Monetary Institute, the ECB's predecessor, we trace how historically obscure bank-based legal experts enabled the ECB's assertion of separateness by reworking independence into a newly multivalent category that could be wielded in authority struggles with national central banks and European institutions. The ECB's dependence on independence, we argue, renders it uniquely vulnerable to the repoliticization of central banking.

Keywords: central banks independence lawyers eurozone; central banks; independence; lawyers; eurozone (search for similar items in EconPapers)
Date: 2022
New Economics Papers: this item is included in nep-cba and nep-mon
Note: View the original document on HAL open archive server: https://hal.science/hal-03913667v1
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Published in Economy and Society, 2022, Recentering Central Banks, 51 (4), pp.584-609. ⟨10.1080/03085147.2022.2121068⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03913667

DOI: 10.1080/03085147.2022.2121068

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