The First Twenty Years: Institutions, Policy and Performance

  • Jérôme CreelEmail author


The history of the euro starts with the creation of the European Central Bank (ECB). It is therefore intrinsically related to the Maastricht Treaty which defined the objectives and statutes of the ECB and shaped the institutional architecture of Eurozone economic policies -the dominance of monetary policy over fiscal policies-, the characteristics of the implemented monetary policy -a form of inflation-targeting- and its performances. They are not sufficient though. Objectives and statutes were prepared for a stable environment. The upheaval following the global financial crisis required many changes in the implementation of monetary and fiscal policies which have questioned a possible change of economic paradigm.


European Central Bank Euro area European Stability Mechanism Stability and Growth Pact 


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Copyright information

© The Author(s) 2018

Authors and Affiliations

  1. 1.OFCE, Sciences PoParisFrance
  2. 2.ESCP EuropeParisFrance

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