the European Central Bank of the Maastricht Treaty will significantly redistribute European seignorage income and hence …

complete consensus, widespread agreement that the European Central Bank (ECB) should be independent of political control from … bank is empirical: those countries in which central banks are insulated from the political process and charged with … features of central bank statutes. Based on this assessment the draft statutes of the ECB and the constitutions of the …

shock. However, its efficacy is dampened by a reverse bank lending channel that weakens the interest rate channel of QE …

emerges for non-fundamental reasons. The stabilising power of central bank interventions does not build on a real debt … depreciation via inflation, but on a swap of bonds and central bank reserves that bear lower interest rates. Budget constraints and …