Central banks in the age of the euro. Europeanization, convergence, and power

Author (Person) ,
Publication Date 2009
ISBN 978-0-19-921823-3
Content Type

Both studies of political power and Europeanisation studies have tended to neglect central banks. As the age of the euro reaches its 10th anniversary, it is timely to reflect on what it means for central banks, which have been at the forefront of the establishment of Economic and Monetary Union in the European Union.

Central banks have been caught up in a major historic political project. What does it mean for them? What does the age of the euro tell us about the power of central banks, their Europeanization and whether they are coming to resemble each other more closely?

This book brings together a range of recognised academic specialists to examine the main political aspects of this question. How, and in what ways, has the euro Europeanised central banks (members and non-members of the Euro Area)? What have been its effects on the power of central banks and their use of power? Has the euro generated convergence or divergence in central banking?

The book offers an in-depth and systematic political analysis of central banks in the first decade of the euro. It places the euro in its global and European contexts, including the US Fed and the Australasian central banks, patterns of differentiated integration in European central banking, and the European Central Bank. It offers a set of case studies of its effects on a representative sample of EU central banks (euro 'insiders' and 'outsiders') and looks at four main thematic areas (monetary policy, financial market supervision, accountability and transparency, and research).

The book contributes to Europeanization studies, comparative political economy, and studies of Economic and Monetary Union. It will be of interest to students of the European Union and European integration, comparative European politics, and area and 'country' studies. More generally, it will interest all those interested in central banking and their pivotal and problematic position between politics and markets.

1. The Age of the Euro: A Structural Break? Europeanization, Power and Convergence in Central Banking - Kenneth Dyson

Part I: The Changing Context of Central Banking
2. Differentiation in the European System of Central Banks: Circles, Core, and Directoire - Gaby Umbach and Wolfgang Wessels
3. The European Central Bank: The Bank That Rules Europe? - David Howarth

Part II: Eurosystem 'Insider' Central Banks
4. National Banks of Belgium and the Netherlands: Happy with the Euro - Ivo Maes and Amy Verdun
5. Bank of France: The Challenge of Escaping Politicization - David Howarth
6. German Bundesbank: Europeanization and the Paradoxes of Power - Kenneth Dyson
7. Bank of Greece: Latecomer, Uphill Adjustment - George Pagoulatos
8. The Banca d'Italia: Between Europeanization and Globalization - Lucia Quaglia

Part III: 'Temporary' Outsiders: Pace Setters and Laggards
9. Estonia, Hungary and Slovenia: Banking on Identity - Bela Greskovits
10. Czech Republic and Poland: The Limits of Europeanization - Rachel Epstein and Juliet Johnson

Part IV: 'Semi-Permanent' Outsiders
11. Bank of England: Learning to Live with the Euro - Charles Goodhart
12. Denmark and Sweden: Networking by Euro-Outsiders - Martin Marcussen

Part V: Lessons from Non-European Central Banks
13. The Political Economy of Central Banking in Australia and New Zealand - Chris Eichbaum
14. The US Federal Reserve and the Politics of Monetary and Financial Regulatory Policies - John T. Woolley

Part VI: Convergence and Divergence
15. Financial Supervision: Internationalization, Europeanization and Power - Michael Moran and Huw Macartney
16. Monetary Policy Strategies - Iain Begg
17. Scientization of Central Banking: The Politics of A-Politicization - Martin Marcussen
18. Transparency and Accountability - Nicolas Jabko

Source Link https://global.oup.com/academic/
Related Links
ESO: Background information: European Central Bank Website http://www.europeansources.info/record/european-central-bank/
ESO: Background information: European Commission: DG Economic and Financial Affairs: Towards EMU@10 http://www.europeansources.info/record/towards-emu10/

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