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The role of national central banks within the European System of Central Banks: The example of De Nederlandsche Bank


Author Info

  • Nout Wellink

    (De Nederlandsche Bank)

  • Bryan Chapple

    (De Nederlandsche Bank)

  • Philipp Maier

    (De Nederlandsche Bank)


This paper considers the position of national central banks within the ESCB. The funda-mental framework underlying the ESCB is that of a system of central banks in which component institutions are individually and collectively responsible for carrying out vari-ous 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 ar-gued 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 devel- opment of supranational institutions in other policy areas.

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Bibliographic Info

Paper provided by EconWPA in its series Macroeconomics with number 0207006.

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Length: 20 pages
Date of creation: 13 Aug 2002
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Handle: RePEc:wpa:wuwpma:0207006

Note: Type of Document - PDF; prepared on PC; pages: 20; figures: included
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Keywords: NCB; ECB; EMU;

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  1. Willem H. Buiter, 1999. "Alice in Euroland," LSE Research Online Documents on Economics 20226, London School of Economics and Political Science, LSE Library.
  2. Charles Goodhart, 2000. "The Organisational Structure of Banking Supervision," FMG Special Papers sp127, Financial Markets Group.
  3. Aksoy, Yunus & De Grauwe, Paul & Dewachter, Hans, 2002. "Do asymmetries matter for European monetary policy?," European Economic Review, Elsevier, vol. 46(3), pages 443-469, March.
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Cited by:
  1. Jorge Galán Camacho & Miguel Sarmiento, 2006. "Staff, Functions, and Staff Costs at Central Banks: An International Comparison with a Labor-demand Model," BORRADORES DE ECONOMIA 003524, BANCO DE LA REPÚBLICA.
  2. Philipp Maier & Beata K. Bierut & Robert-Paul Berben, 2003. "The role of regional information in the optimal composition of a committee," Macroeconomics 0309014, EconWPA.
  3. Philipp Maier, 2007. "Monetary Policy Committees in Action: Is There Room for Improvement?," Working Papers 07-6, Bank of Canada.


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