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Designing a Central Bank for Europe: A Cautionary Tale from the Early Years of the Federal Reserve System

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  • Eichengreen, Barry

Abstract

Important questions concerning the structure and operation of a European Central Bank remain unanswered. Although there exists no precedent for the process of institution-building in which the European Community is currently engaged, the founding and early operations of the Federal Reserve System in the United States provide a suggestive parallel. The US experience suggests that Stage 2 of the Delors Plan contains potential sources of instability and provides an argument for direct transition from Stage 1 (national monetary autonomy) to Stage 3 (centralization of authority). It also suggests the need for more thought about voting and mediation procedures to be used to reconcile and aggregate national interests.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 585.

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Date of creation: Nov 1991
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Handle: RePEc:cpr:ceprdp:585

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Keywords: ECB; Federal Reserve System; Monetary Policy; Open Market Operations;

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  1. Buiter,Willem H. & Marston,Richard C., 1986. "International Economic Policy Coordination," Cambridge Books, Cambridge University Press, number 9780521337809.
  2. Barry Eichengreen, 1985. "International Policy Coordination In Historical Perspective: A View From The Interwar Years," NBER Chapters, in: International Economic Policy Coordination, pages 139-183 National Bureau of Economic Research, Inc.
  3. Hamilton, James D., 1987. "Monetary factors in the great depression," Journal of Monetary Economics, Elsevier, vol. 19(2), pages 145-169, March.
  4. Casella, Alessandra & Feinstein, Jonathan, 1988. "Management of a Common Currency," Department of Economics, Working Paper Series qt5jv1h7nt, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
  5. J. Bradford De Long, . "`Liquidation' Cycles: Old-Fashioned Real Business Cycle Theory and the Great Depression," J. Bradford De Long's Working Papers _135, University of California at Berkeley, Economics Department.
  6. Peter Temin, 1991. "Lessons from the Great Depression," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262700441, December.
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