The concept of solidarity -- Solidarity between the member states -- Committing to stability Committing to stability -- Law and economic wisdom -- The shift in solidarity -- Contractual change and Central Bank action -- Reconciling the Contract with the Treaties -- Conclusion : Preserving the...

The focus of this paper is on the use of staff policy recommendations in central banks. Based on the responses to a recent survey conducted by the Bank of International Settlements, the paper tries to answer two questions. (1) How (to what extent) do central bank decision-makers make use of...