How Central Bankers See It: The First Decade of ECB Policy and Beyond
AbstractIn this history of the first decade of ECB policy, we also discuss key challenges for the next decade. Beyond the ECB's track record and an array of published critiques, our analysis relies on unique source material: extensive interviews with current and former ECB leaders and with other policymakers and scholars who viewed the evolution of the ECB from privileged vantage points. We share the assessment of our interviewees that the ECB has enjoyed many more successes than disappointments. These successes reflect both the ECB's design and implementation. Looking forward, we highlight the unique challenges posed by enlargement and, especially, by the euro area's complex arrangements for guarding financial stability. In the latter case, the key issues are coordination in a crisis and harmonization of procedures. As several interviewees suggested, in the absence of a new organizational structure for securing financial stability, the current one will need to function as if it were a single entity.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 14489.
Date of creation: Nov 2008
Date of revision:
Contact details of provider:
Postal: National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.
Web page: http://www.nber.org
More information through EDIRC
Find related papers by JEL classification:
- 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
This paper has been announced in the following NEP Reports:
- NEP-ALL-2008-11-18 (All new papers)
- NEP-CBA-2008-11-18 (Central Banking)
- NEP-EEC-2008-11-18 (European Economics)
- NEP-HIS-2008-11-18 (Business, Economic & Financial History)
- NEP-MAC-2008-11-18 (Macroeconomics)
- NEP-MON-2008-11-18 (Monetary Economics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- David-Jan Jansen & Jakob de Haan, 2004.
"Look Who's Talking: ECB communication during the first years of EMU,"
DNB Working Papers
007, Netherlands Central Bank, Research Department.
- David-Jan Jansen & Jakob de Haan, 2006. "Look who's talking: ECB communication during the first years of EMU," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 11(3), pages 219-228.
- David-Jan Jansen & Jakob de Haan, 2004. "Look Who’s Talking: ECB Communication during the First Years of EMU," CESifo Working Paper Series 1263, CESifo Group Munich.
- David-Jan Jansen & Jakob de Haan, 2003.
"Statements of ECB Officials and their Effect on the Level and Volatility of the Euro-Dollar Exchange Rate,"
CESifo Working Paper Series
927, CESifo Group Munich.
- D. Jansen & J. de Haan, 2003. "Statements of ECB Officials and their Effect on the Level and Volatility of the Euro-Dollar Exchange Rate," WO Research Memoranda (discontinued) 726, Netherlands Central Bank, Research Department.
- Lars E.O. Svensson, 2000.
"The First Year of the Eurosystem: Inflation Targeting or Not?,"
NBER Working Papers
7598, National Bureau of Economic Research, Inc.
- Lars E. O. Svensson, 2000. "The First Year of the Eurosystem: Inflation Targeting or Not?," American Economic Review, American Economic Association, vol. 90(2), pages 95-99, May.
- Svensson, Lars E O, 2000. "The First Year Of The Eurosystem: Inflation Targeting Or Not?," CEPR Discussion Papers 2380, C.E.P.R. Discussion Papers.
- Svensson, Lars, 2000. "The first Year of the Eurosystem: Inflation Targeting or Not?," Seminar Papers 681, Stockholm University, Institute for International Economic Studies.
- Andersson, Magnus & Hansen, Lars Jul & Sebestyén, Szabolcs, 2006.
"Which news moves the euro area bond market?,"
Working Paper Series
0631, European Central Bank.
- Vitor Gaspar & Anil K. Kashyap, 2006. "Stability First: Reflections Inspired by Otmar Issing's Success as the ECB's Chief Economist," NBER Working Papers 12277, National Bureau of Economic Research, Inc.
- Issing,Otmar & Gaspar,Vitor & Angeloni,Ignazio & Tristani,Oreste, 2001.
"Monetary Policy in the Euro Area,"
Cambridge University Press, number 9780521788885, October.
- Giovanni Mastrobuoni & Wioletta Dziuda, 2005.
"The Euro Changeover and its Effects on Price Transparency and Inflation,"
Carlo Alberto Notebooks
26, Collegio Carlo Alberto, revised 2006.
- Wioletta Dziuda & Giovanni Mastrobuoni, 2009. "The Euro Changeover and Its Effects on Price Transparency and Inflation," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 41(1), pages 101-129, 02.
- Stephen G. Cecchetti & Alfonso Flores-Lagunes & Stefan Krause, 2004.
"Has Monetary Policy Become More Efficient? A Cross Country Analysis,"
NBER Working Papers
10973, National Bureau of Economic Research, Inc.
- Stephen G. Cecchetti & Alfonso Flores-Lagunes & Stefan Krause, 2006. "Has Monetary Policy become more Efficient? a Cross-Country Analysis," Economic Journal, Royal Economic Society, vol. 116(511), pages 408-433, 04.
- Garber, Peter M., 1999. "The target mechanism: Will it propagate or stifle a stage III crisis?," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 51(1), pages 195-220, December.
Blog mentionsAs found by EconAcademics.org, the blog aggregator for Economics research:
- Coordinating financial stability in EU and price stability in Germany
by Amol Agrawal in Mostly Economics on 2008-12-24 12:35:34
- Jakob de Haan & David-Jan Jansen, 2009. "The communication policy of the European Central Bank: An overview of the first decade," DNB Working Papers 212, Netherlands Central Bank, Research Department.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ().
If references are entirely missing, you can add them using this form.