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

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Author Info
Nout Wellink (De Nederlandsche Bank)
Bryan Chapple (De Nederlandsche Bank)
Philipp Maier (De Nederlandsche Bank)

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Abstract

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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Publisher 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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Web page: http://129.3.20.41

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Related research
Keywords: NCB; ECB; EMU;

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Find related papers by JEL classification:
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

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References listed on IDEAS
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.:
  1. 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. [Downloadable!] (restricted)
  2. Willem H. Buiter, 1999. "Alice in Euroland," Journal of Common Market Studies, Blackwell Publishing, vol. 37(2), pages 181-209, 06. [Downloadable!] (restricted)
  3. W.H. Buiter, 1999. "Alice in Euroland," CEP Discussion Papers dp0423, Centre for Economic Performance, LSE. [Downloadable!]
  4. Charles Goodhart, 2000. "The Organisational Structure of Banking Supervision," FMG Special Papers sp127, Financial Markets Group. [Downloadable!] (restricted)
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Cited by:
(explanations, 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.)

  1. Jorge Galán Camacho & Miguel Sarmiento Paipilla, . "Staff, Functions, and Staff Costs at Central Banks: An International Comparison with a Labor-demand Model," Borradores de Economia 419, Banco de la Republica de Colombia. [Downloadable!]
    Other versions:
  2. Philipp Maier, 2007. "Monetary Policy Committees in Action: Is There Room for Improvement?," Working Papers 07-6, Bank of Canada. [Downloadable!]
  3. Philipp Maier & Beata Bierut & Robert-Paul Berben, 2003. "The role of regional information in the optimal composition of a committee," MEB Series (discontinued) 2003-08, Netherlands Central Bank, Monetary and Economic Policy Department. [Downloadable!]
    Other versions:
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