Abstract
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.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 1993 Springer-Verlag Berlin Heidelberg
About this chapter
Cite this chapter
Gebauer, W. (1993). Introduction. In: Gebauer, W. (eds) Foundations of European Central Bank Policy. Studies in Contemporary Economics. Physica, Heidelberg. https://doi.org/10.1007/978-3-642-50302-3_1
Download citation
DOI: https://doi.org/10.1007/978-3-642-50302-3_1
Publisher Name: Physica, Heidelberg
Print ISBN: 978-3-7908-0690-8
Online ISBN: 978-3-642-50302-3
eBook Packages: Springer Book Archive