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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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  • Barry Eichengreen

Abstract

Important questions concerning the structure and operation of a European central bank remain to be answered. Although there exists no precedent for the process of institution-building in which the European Community is currently engaged, the founding and early operation of the Federal Reserve System in the United States provides a suggestive parallel. It suggests that Stage 2 of the Delors Plan contains potential sources of instability. It suggests attempting a direct transition from Stage 1 (national monetary autonomy) to Stage 3 (centralization of authority). It 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 Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 3840.

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Date of creation: Sep 1991
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Publication status: published as Establishing a Central Bank Matthew Canzoner; et al eds., Cambridge University Press: Cambridge, 1992
Handle: RePEc:nbr:nberwo:3840

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  1. 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.
  2. Barry J. Eichengreen, 1984. "International Policy Coordination in Historical Perspective: A View from the Interwar Years," NBER Working Papers 1440, 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. Willem H. Buiter & Richard C. Marston, 1985. "International Economic Policy Coordination," NBER Books, National Bureau of Economic Research, Inc, number buit85-1, June.
  5. J. Bradford De Long, 1990. ""Liquidation" Cycles: Old-Fashioned Real Business Cycle Theory and the Great Depression," NBER Working Papers 3546, National Bureau of Economic Research, Inc.
  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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