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

Jörg Bibow

Economics Working Paper Archive from Levy Economics Institute

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.

Date: 2005-08
New Economics Papers: this item is included in nep-cba, nep-eec, nep-mac and nep-mon
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Citations: View citations in EconPapers (3)

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Related works:
Journal Article: Europe's Quest for Monetary Stability. Central Banking Gone Astray (2006)
Working Paper: Europe’s Quest for Monetary Stability: Central Banking Gone Astray (2005)
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Persistent link: https://EconPapers.repec.org/RePEc:lev:wrkpap:wp_428

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