The formal arrangements for the governance of international monetary and financial crises have remained reasonably stable over the past 40 years, but the identity of the leading actors, has changed. Over this period, the role of the largest central banks – first and foremost, the US Federal...

This paper analyses the European Central Bank's (ECB) advisory role related to proposed Community and national legislation falling within ECB's fields of competence, with a particular focus on the consultation procedure. The consultation procedure involves parties that are under an obligation to...