EconStor >
Rheinische Friedrich-Wilhelms-Universität Bonn >
Zentrum für Europäische Integrationsforschung (ZEI), Universität Bonn >
ZEI Working Papers, Zentrum für Europäische Integrationsforschung, Universität Bonn >

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10419/39508
  

Full metadata record

DC FieldValueLanguage
dc.contributor.authorHeinsohn, Gunnaren_US
dc.contributor.authorSteiger, Ottoen_US
dc.date.accessioned2010-09-01T09:47:06Z-
dc.date.available2010-09-01T09:47:06Z-
dc.date.issued2003en_US
dc.identifier.urihttp://hdl.handle.net/10419/39508-
dc.description.abstractThe Eurosystem is the fifth decentralized system in the history of central banks. It consists of the European Central Bank (ECB) and twelve National Central Banks (NCBs) forming the European Monetary Union (EMU). The stark decentrality of this System is so little known that ubiquitous statements by high level Euro experts on its supposed similarity with other decentralized systems, like the former Bundesbank System and the existing Federal Reserve System, are met with no protest. A closer look on European documents and the balance sheet of the ECB reveals, however, that the ECB – far from being the monopoly supplier of central bank money – cannot set the refinancing conditions to credit institutions in EMU. The latter are determined by the Council of Governors of the Eurosystem, while the main refinancing operations are executed by the NCBs leaving to the ECB the role of vicarious agent. The ECB can neither control all types of securities accepted for the NCBs’ credit operations nor is it able to act as lender of last resort. Yet, every possible manoeuvre to make the ECB look like a central bank of the NCBs is relentlessly employed, most obviously in the design of the Euro banknotes which are issued by the NCBs but carry only the imprint of the ECB, as well as by the ECB’s balance sheet as at 31 December 2002. The latter contains for the first time the item “banknotes in circulation” that are, however, issued by the NCBs and only allocated to the ECB.-
dc.language.isoengen_US
dc.publisherZEI Bonnen_US
dc.relation.ispartofseriesZEI working paper B 09-2003en_US
dc.subject.jelE58-
dc.subject.ddc330en_US
dc.titleThe European Central Bank and the eurosystem: An analysis of the missing central monetary institution in European Monetary Unionen_US
dc.typeWorking Paperen_US
dc.identifier.ppn37077356Xen_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.identifier.repecRePEc:zbw:zeiwps:B092003-
Appears in Collections:ZEI Working Papers, Zentrum für Europäische Integrationsforschung, Universität Bonn

Files in This Item:
File Description SizeFormat
37077356X.pdf313.43 kBAdobe PDF
No. of Downloads: Counter Stats
Show simple item record
Download bibliographical data as: BibTeX

Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.