Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/31552
Authors: 
Bibow, Jörg
Year of Publication: 
2005
Series/Report no.: 
Working papers // The Levy Economics Institute 428
Abstract: 
This paper provides an overview of central banking arrangements in those European countries that have adopted the euro. Issues addressed include the structure of the Eurosystem and its central banking functions, the kind of independence granted to the system and the role of monetary policy that central bankers have adopted for themselves, the two-pillar policy framework, operating procedures, and actual performance since the euro's launch in 1999. The analysis concludes that, given the current macroeconomic policy regime, trends, and practices, the euro is on track for failure.
Subjects: 
Central banking
monetary policy
European Central Bank
Eurosystem
central bank independence
policy strategy
operating procedure
JEL: 
E42
E58
E61
E65
Document Type: 
Working Paper

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