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The European Central Bank
About This Book
The European Central Bank administers monetary policy for the eurozone and is tasked with maintaining price stability by keeping inflation below 2 per cent. This brief mandate belies the complexity of managing the monetary policy for the 19 member states of the euro, not to mention the political implications thereof.
This book sets out the history, development and day-to-day workings of this key institutional pillar of the European Union. It assesses its work, independence, the policies and instruments at its disposal and the evolution of its role during, and after, the eurozone crisis of 2010. Incomplete monetary union, Germany's hegemonic ambitions and different economic policies from individual member countries are shown to pose formidable challenges to the ECB's macroeconomic management.
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Table of contents
- Cover
- Half Title
- Series Information
- Title Page
- Copyright Page
- Contents
- Tables and figures
- Preface
- 1 Introduction: European integration
- 2 From the Bretton Woods system to European Monetary Union
- 3 The Maastricht Treaty and the Stability and Growth Pact
- 4 Structure, political and legal framework of the European Central Bank
- 5 Preconditions for a stable monetary union
- 6 The failure of the two-pillar strategy of the ECB and the revival of Wicksell
- 7 Increasing economic fragility IN THE EMU before the financial crisis
- 8 Monetary policy during the Great Recession
- 9 Monetary policy and the escalation of the euro crisis until 2012
- 10 The ECB holds the euro together
- 11 The fiscal policy framework in the EMU: no partner for the ECB
- 12 Financial market supervision, Banking Union and financial market regulation
- 13 The Covid-19 crisis and its effects on the EMU
- 14 Prospects for European monetary policy and EMU
- Notes
- Bibliography
- Index