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Frontier Topics in Banking pp 189–221Cite as

Palgrave Macmillan

Central Banks’ Commitment to Stakeholders: CSR in the Eurosystem: 2006–2016

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Abstract

Central banks’ commitment to public interest goes beyond monetary policy. A wide range of areas are under the control of central banks (price and financial stability, services for the economy, e.g., economic analysis, payments, financial education, customer protection); central banks also have specific responsibilities regarding external and internal stakeholders. Corporate social responsibility (CSR) and stakeholder management (SM) should be under the care of management in central banks. The academic literature about central banking ignores these topics; some theoretical thoughts about this absence are presented. The chapter, following an initial explorative approach, tries to assess the attention paid to CSR in communication practices of central banks in the Eurosystem (ECB and NCBs) by applying text analysis tools to annual reports for the period 2006–2016. Our findings could make the degree of development of CSR communication practices visible and could generate some useful initial insights for designing CSR communication tools in central banks.

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Notes

  1. 1.

    Only in the Eurosystem CBs did we find all annual reports in pdf format for the years 2006–2016; in the US (Fed System) we did not find the same full availability.

  2. 2.

    The National Bank of Greece published its first Social Report in 1996 (National Bank of Greece 2016, p. 9).

  3. 3.

    https://www.bankingsupervision.europa.eu/about/mission-statement/the-strategic-intents/html/index.en.html.

  4. 4.

    As previously observed (note 2), the National Bank of Greece publishes a specific Corporate Social Responsibility Report (National Bank of Greece 2016).

  5. 5.

    The analysis of cases can be very useful at this stage of knowledge about CSR or SM attention in CBs, and it could be developed in the future.

  6. 6.

    GRI is located in Amsterdam.

  7. 7.

    We consider the NCBs of the countries that were in the Eurosystem in 2007 (year of presentation of the 2006 annual report).

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Authors and Affiliations

  1. Department of Management and Law, University of Rome Tor Vergata, Rome, Italy

    Vincenzo Farina

  2. Deim Department of Economics and Business, University of Tuscia, Viterbo, Italy

    Giuseppe Galloppo

  3. University of Rome Tor Vergata, Rome, Italy

    Giuseppe Galloppo

  4. Department of Business Studies, University Roma Tre, Rome, Italy

    Daniele A. Previati

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  1. Marco Biagi Department of Economics, University of Modena and Reggio Emilia, Modena, Italy

    Elisabetta Gualandri , Valeria Venturelli  & Alex Sclip ,  & 

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Farina, V., Galloppo, G., Previati, D.A. (2019). Central Banks’ Commitment to Stakeholders: CSR in the Eurosystem: 2006–2016. In: Gualandri, E., Venturelli, V., Sclip, A. (eds) Frontier Topics in Banking. Palgrave Macmillan Studies in Banking and Financial Institutions. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-16295-5_8

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