This paper studies how the creation of a European Central Bank (ECB) will change the political economy of monetary policy in Europe. The twelve governors of the national Central Banks of the EEC have recently proposed a statute for the ECB which delineates its institutional structure. In this...

This paper studies how the creation of a European Central Bank (ECB) will change the political economy of monetary policy in Europe. The twelve governors of the national Central Banks of the EEC have recently proposed a statute for the ECB which delineates its institutional structure. In this...

This contribution to the panel on the future to EMU discusses the tensions that arise from the fact that banks are, on the one hand, an essential element of the monetary transmission mechanism and, on the other hand, an integral part of local, regional or national polities. Banking union can...

Monetary Issues: Monetary Unions: Between International Trade and National Sovereignty -- Why a Monetary Union?- Monetary Policy in a Monetary Union: Lessons from Simple Models -- Institutions and Monetary Policy -- Fiscal Issues: Government Deficits, Transfers and Debt -- Fiscal Policies in a...