Designing a Central Bank for Europe: A Cautionary Tale From the Early Years of the Federal Reserve System / Barry Eichengreen.

Format:

Book

Author/Creator:

Eichengreen, Barry.

Contributor:

National Bureau of Economic Research.

Series:

Working Paper Series (National Bureau of Economic Research) no. w3840.

NBER working paper series no. w3840

Language:

English

Physical Description:

1 online resource: illustrations (black and white);

Other Title:

Designing a Central Bank for Europe

Place of Publication:

Cambridge, Mass. National Bureau of Economic Research 1991.

Summary:

Important questions concerning the structure and operation of a European central bank remain to be answered. Although there exists no precedent for the process of institution-building in which the European Community is currently engaged, the founding and early operation of the Federal Reserve System in the United States provides a suggestive parallel. It suggests that Stage 2 of the Delors Plan contains potential sources of instability. It suggests attempting a direct transition from Stage 1 (national monetary autonomy) to Stage 3 (centralization of authority). It suggests the need for more thought about voting and mediation procedures to be used to reconcile and aggregate national interests.

Notes:

Print version record

September 1991.