Designing a Central Bank for Europe: A Cautionary Tale from the Early Years of the Federal Reserve System
AbstractImportant 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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Bibliographic InfoPaper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 585.
Date of creation: Nov 1991
Date of revision:
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Other versions of this item:
- Barry Eichengreen, 1991. "Designing a Central Bank for Europe: A Cautionary Tale From the Early Years of the Federal Reserve System," NBER Working Papers 3840, National Bureau of Economic Research, Inc.
- E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
- E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
- F15 - International Economics - - Trade - - - Economic Integration
- F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
- F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
- N22 - Economic History - - Financial Markets and Institutions - - - U.S.; Canada: 1913-
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