Establishing a Central Bank Issues in Europe and Lessons from the U.S. [Hardcover]

This book looks at the issues involved in the creation of a European Central Bank and the lessons that may be learned from the US experience.This book looks at the European Community's progress towards economic and monetary union, and in particular the issues involved in the creation of a European Central Bank and the lessons that may be learned from the US experience.This book looks at the European Community's progress towards economic and monetary union, and in particular the issues involved in the creation of a European Central Bank and the lessons that may be learned from the US experience.Much recent discussion has focused on the prospects for monetary unification in Europe and the possible creation of a European central bank. This book discusses in detail the possible structure and operational procedures of such a bank and investigates their implications for the community's member states and for the global economy. Presented at a conference organized jointly by the Centre for Economic Policy Research, Georgetown University's Center for German and European Studies and the International Monetary Fund, the papers collected here examine evidence from US experience, the influence of Community voting rules on monetary policy, the implications of centralized policy-making and a single currency, the fiscal requirements of monetary union, and the possible role of the ecu as an international reserve currency.List of figures; List of tables; Preface; List of conference participants; 1. Introduction; Part I. The Design of a Central Bank: 2. Designing a central bank for Europe: a cautionary tale from the early years of the federal reserve system; 3. The European Central Bank: reshaping monetary politics in Europe; 4. The ECB: a bank or a monetary policy rule?; Part II. Transition from National Central Banks To A European Central Bank: 5. Hard-ERM, hard ECU and European Monetary Union; 6. Voting