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Foundations of European Central Bank Policy

  • Book
  • © 1993

Overview

Editors:
  1. Wolfgang Gebauer

    1. Johann Wolfgang Goethe-Universität, Frankfurt/Main, Germany

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Part of the book series: Studies in Contemporary Economics (CONTEMPORARY)

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Table of contents (14 chapters)

  1. Front Matter

    Pages i-v
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  2. Introduction

    1. Introduction

      • Wolfgang Gebauer
      Pages 1-7

  4. Part II: Towards an European Central Bank Policy Design

    1. Front Matter

      Pages 77-77
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    2. Economic Convergence and Monetary Union

      • Francesco Papadia, Ciro Schioppa
      Pages 79-102

    3. Five Years to Prepare the Final Stage of EMU: A German View

      • Hans-Jürgen Treutler
      Pages 103-118

    4. Towards a Common Monetary Policy in the Transition: The Role of the Ecu and Required Reserves

      • Daniel Gros
      Pages 119-133

    5. Fiscal Policy Implications of the European Union

      • Pompeo Della Posta
      Pages 135-163

    6. The (Term) Structure of Interest Rates as a Predictor of Real Economic Growth: An Econometric Analysis for Germany

      • Klaus J. W. Schmidt
      Pages 165-189

    7. The Evolution of Ecu Markets

      • Alfred Steinherr
      Pages 191-204

  6. Back Matter

    Pages 259-259
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Keywords

About this book

European central bank policy is already taking place today in an informal way. It comprises, in short, European exchange rate management and interest rate policy decisions within and without the European Monetary System (EMS). A focal point of such policy actions are the money market operating targets of European Central Banks. Those central bank policies appear to be dominated, however, by the Deutsche Bundesbank. This has caused recurring critical discussion of European asymmetries and German leadership in monetary stabilization pOlicies, before and after the EMS turbulences of September 1992. However, it should be pointed out that German dominance has increasingly evolved in a cooperative way, ever since the Committee of European Central Bank Governors began to meet regularly in 1964; the Basle-Nyborg accord of 1987 formed a further stage of cooperative efforts within the EMS. Presently, a small group of countries (including Benelux and Austria) generally follows, after prior 'concertation', German monetary policy patterns. In this narrow sense, there exists a European central bank policy within a "Deutsche-Mark-Zone". In a broader sense, European central bank policy is shaped, after proper consultation, by monetary cooperation between the larger EMS countries, but once again dominantly influenced by Germany; recent problems of highjnterest rates in France and elsewhere due to (relative) restrictive German monetary pOlicies are striking examples. German monetary dominance, in the narrow or broad sense, obviously creates, in the long-run, an untenable situation in the eyes of European partner countries.

Editors and Affiliations

  • Johann Wolfgang Goethe-Universität, Frankfurt/Main, Germany

    Wolfgang Gebauer

Bibliographic Information

  • Book Title: Foundations of European Central Bank Policy

  • Editors: Wolfgang Gebauer

  • Series Title: Studies in Contemporary Economics

  • DOI: https://doi.org/10.1007/978-3-642-50302-3

  • Publisher: Physica Heidelberg

  • eBook Packages: Springer Book Archive

  • Copyright Information: Springer-Verlag Berlin Heidelberg 1993

  • Softcover ISBN: 978-3-7908-0690-8Published: 28 June 1993

  • eBook ISBN: 978-3-642-50302-3Published: 09 March 2013

  • Series ISSN: 1431-8806

  • Edition Number: 1

  • Number of Pages: V, 259

  • Number of Illustrations: 9 b/w illustrations

  • Topics: International Economics

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