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The ECB Governing Council in an Enlarged Euro Area

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  • AGNÈS BÉNASSY‐QUÉRÉ
  • EDOUARD TURKISCH

Abstract

We study the impact of rotating votes in the ECB Governing Council after EMU enlargement, based on national and euro‐wide Taylor rules and on a convergence assumption. We find that the rotation system yields monetary policy decisions that are close both to full centralization and to a voting rule without rotations.

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  • Agnès Bénassy‐Quéré & Edouard Turkisch, 2009. "The ECB Governing Council in an Enlarged Euro Area," Journal of Common Market Studies, Wiley Blackwell, vol. 47(1), pages 25-53, January.
  • Handle: RePEc:bla:jcmkts:v:47:y:2009:i:1:p:25-53
    DOI: 10.1111/j.1468-5965.2008.01832.x
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    1. repec:zbw:rwirep:0175 is not listed on IDEAS
    2. Agnès Bénassy-Quéré & Antoine Berthou & Lionel Fontagné, 2010. "Economic Divergence Within the Euro Area: Lessons for EMU Enlargement," Chapters, in: Ewald Nowotny & Peter Mooslechner & Doris Ritzberger-Grünwald (ed.), The Euro and Economic Stability, chapter 11, Edward Elgar Publishing.
    3. Belke, Ansgar & von Schnurbein, Barbara, 2010. "European Monetary Policy and the ECB Rotation Model – Voting Power of the Core versus the Periphery," Ruhr Economic Papers 175, RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen.
    4. Ansgar Belke & Barbara von Schnurbein, 2010. "European Monetary Policy and the ECB Rotation Model – Voting Power of the Core versus the Periphery," Ruhr Economic Papers 0175, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen.
    5. Ansgar Belke & Jens Klose, 2017. "Equilibrium Real Interest Rates and Secular Stagnation: An Empirical Analysis for Euro Area Member Countries," Journal of Common Market Studies, Wiley Blackwell, vol. 55(6), pages 1221-1238, November.

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