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A striking asymmetry defines the European Central Bank (ECB)’s approach to democratic accountability. Today’s ECB makes choices of a more complex and discretionary nature than originally envisaged for it by the 1992 Maastricht Treaty. At the same time, the central bank continues to hew...
Persistent link: https://www.econbiz.de/10014357895
Central bank cooperation depends on a few crucial parameters: the extent to which central bankers agree on theory (end … institutional) to achieve their collective goals; and whether the broader political environment facilitates or impedes cooperation … backgrounds. These conditions may be conducive to high levels of cooperation in the future. Second, I explore the "easiest" form …
Persistent link: https://www.econbiz.de/10005121438
government and cooperate with them on a number of issues. This paper looks into the various forms of cooperation between central … paper first reviews the objectives of and arrangements for central bank/government cooperation in the US, UK, Japan and … government. In parallel the paper looks into the objectives of and arrangements for cooperation between the ECB and relevant …
Persistent link: https://www.econbiz.de/10013316190
The interwar gold standard is long thought to have prevented central bankers from running an independent monetary policy, forcing governments to leave this fixed exchange rate system in order to take control over domestic policy. But our study of the day-to-day management of monetary policy in...
Persistent link: https://www.econbiz.de/10014284480
2003 marks the 40th anniversary of the founding of SUERF. To mark this milestone, some time ago the Council of Management commissioned Professor Jean-Paul Abraham to write a commemorative report. His mandate was not to write a history of SUERF itself (that would be too self-indulgent) but to...
Persistent link: https://www.econbiz.de/10011689909
On October 24, 2003, SUERF celebrated its 40th anniversary in the Galerie Dorée of the Banque de France with an especially high level and rich seminar. The memorable occasion was further elevated by Jean Claude Trichet giving the tenth SUERF Annual Lecture in his last public speech as Governor...
Persistent link: https://www.econbiz.de/10011689913
The newly established South African Reserve Bank (SARB) was tasked to protect the currency by navigating the interwar gold standard, and, from March 1933, maintaining parity with the Pound Sterling. We find that South Africa's exit from gold secured an unparalleled and rapid recovery from the...
Persistent link: https://www.econbiz.de/10012543982
This paper explores the evolving relationship between central banks and governments in the European monetary unification process. In particular, it focuses on the institution-building phase (setting up of the ECB) and the monetary and macro-economic policy mix within EMU. I attribute the...
Persistent link: https://www.econbiz.de/10012711758
The interwar gold standard is long thought to have prevented central bankers from running an independent monetary policy, forcing governments to leave this fixed exchange rate system in order to take control over domestic policy. But our study of the day-to-day management of monetary policy in...
Persistent link: https://www.econbiz.de/10013222267
The newly established South African Reserve Bank (SARB) was tasked to protect the currency by navigating the interwar gold standard, and, from March 1933, maintaining parity with the Pound Sterling. We find that South Africa's exit from gold secured an unparalleled and rapid recovery from the...
Persistent link: https://www.econbiz.de/10012543641