The Evolution of Monetary Policy Strategies in Europe

  • Aerdt C. F. J. Houben

Part of the Financial and Monetary Policy Studies book series (FMPS, volume 34)

Table of contents

  1. Front Matter
    Pages i-xiv
  2. Introduction

    1. Aerdt C. F. J. Houben
      Pages 1-7
  3. Conceptual Issues

    1. Front Matter
      Pages 9-9
    2. Aerdt C. F. J. Houben
      Pages 73-128
  4. The European Experience

    1. Front Matter
      Pages 129-129
    2. Aerdt C. F. J. Houben
      Pages 131-139
    3. Aerdt C. F. J. Houben
      Pages 141-179
    4. Aerdt C. F. J. Houben
      Pages 181-242
    5. Aerdt C. F. J. Houben
      Pages 243-275
    6. Aerdt C. F. J. Houben
      Pages 277-297
  5. Back Matter
    Pages 298-360

About this book

Introduction

Europe has a rich monetary history. Until recently, its many central banks assigned divergent priorities and pursued policy objectives via different routes. As a result, Europe's past provides fertile ground for those seeking practical guidance to the art ofcentral banking. The importance of this past gained a new dimension with the prospect of Economic and Monetary Union in 1999, as the participating countries were faced with the challenge of bridging their differences and forging a common monetary policy strategy that would apply throughout the new currency area. At the same time, these countries sought to build forth on the theretofore most successful central bank strategies, thereby maintaining a certain degree of policy continuity. Monetary policy strategy is at the core of central banking. This strategy determines how incoming information on economic developments is translated into monetary policy actions and how these policy actions are communicated to the public at large. In other words, the strategy fulfils the dual role ofimposing a structure on the internal policy-making process and ofproviding a vehicle for the external communication of this process. The design of a monetary policy strategy thus brings together key elements­ such as consistency and transparency - that together determine the effectiveness and credibility ofmonetary policy.

Keywords

European Union (EU) Eurosystem Inflation development monetary policy policy-making rating

Authors and affiliations

  • Aerdt C. F. J. Houben
    • 1
  1. 1.De Nederlandsche BankAmsterdamThe Netherlands

Bibliographic information

  • DOI https://doi.org/10.1007/978-1-4615-4471-5
  • Copyright Information Springer Science+Business Media Dordrecht 2000
  • Publisher Name Springer, Boston, MA
  • eBook Packages Springer Book Archive
  • Print ISBN 978-1-4613-7014-7
  • Online ISBN 978-1-4615-4471-5
  • About this book