The role of national central banks within the European System of Central Banks: The example of De Nederlandsche Bank
AbstractThis paper considers the position of national central banks within the ESCB. The fundamental framework underlying the ESCB is that of a system of central banks in which component institutions are individually and collectively responsible for carrying out various tasks. Within this framework, we evaluate the current division of labour between the ECB and NCBs using the concept of efficiency (which subsumes cost-consciousness as well as effectiveness), along with that of subsidiarity. In contrast to most of the existing literature, the focus is not exclusively on monetary policy, but takes into account a broader array of tasks performed by central banks. Taking a long-run perspective, it is argued that while some tasks are likely to be centralised, fundamental changes in the role of NCBs in the ESCB are linked to further political integration within Europe and the development of supranational institutions in other policy areas.
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Bibliographic InfoPaper provided by Netherlands Central Bank, Monetary and Economic Policy Department in its series MEB Series (discontinued) with number 2002-13.
Date of creation: Sep 2002
Date of revision:
Other versions of this item:
- Nout Wellink & Bryan Chapple & Philipp Maier, 2002. "The role of national central banks within the European System of Central Banks: The example of De Nederlandsche Bank," Macroeconomics 0207006, EconWPA.
- E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
- E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
This paper has been announced in the following NEP Reports:
- NEP-ALL-2003-08-17 (All new papers)
- NEP-CBA-2003-08-17 (Central Banking)
- NEP-EEC-2003-08-17 (European Economics)
- NEP-HIS-2003-08-17 (Business, Economic & Financial History)
- NEP-MON-2003-08-17 (Monetary Economics)
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