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La Banque Centrale Européenne ou le Seigneur des euros

Author

Listed:
  • Jérôme Creel
  • Jacky Fayolle

Abstract

This article assesses the first three working years of the ECB. This assessment is ambivalent: related to the precariousness of the European expansion, the ECB?s action appears too constrained by a very low inflation target. However, compared to the behaviour of the FED, the ECB seems show more inertia than excess of prevention. The FED is reactive and gradual: gradualism means the ability to implement at right time a clear and progressive orientation of the short-term rates. Inertia means lags and hesitations of the monetary policy. The ECB is the heiress of Bundesbank, but the difficulties to consolidate its reputation will push it to take into account the « good practices « of Anglo-Saxon central banks. Moreover, and whatever the critics its action can cause, it seems that the ECB was less restrictive than the action of Bundesbank would have been in similar circumstances. JEL codes : E52, E58.

Suggested Citation

  • Jérôme Creel & Jacky Fayolle, 2002. "La Banque Centrale Européenne ou le Seigneur des euros," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(5), pages 175-210.
    • Handle: RePEc:cai:reofsp:reof_074_0175
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    References listed on IDEAS

    as
    1. Feldstein, Martin, 2000. "The European Central Bank and the Euro: The First Year," Journal of Policy Modeling, Elsevier, vol. 22(3), pages 345-354, May.
    2. Thomas Fricke, 1993. "D'une Bundesbank à l'autre ? La Banque centrale allemande comme modèle pour l'Europe," Revue de l'OFCE, Programme National Persée, vol. 44(1), pages 155-180.
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    4. Laurent Bouscharain, 2001. "Quelle convergence des règles de politique monétaire en Europe avant l'euro ?," Economie & Prévision, La Documentation Française, vol. 147(1), pages 159-169.
    5. Jon Faust & John H. Rogers & Jonathan H. Wright, 2001. "An empirical comparison of Bundesbank and ECB monetary policy rules," International Finance Discussion Papers 705, Board of Governors of the Federal Reserve System (U.S.).
    6. repec:hal:wpspec:info:hdl:2441/2942 is not listed on IDEAS
    7. Jérôme Creel & Jacky Fayolle, 2002. "La Banque centrale et l'Union monétaire européennes : les tribulations de la crédibilité," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(5), pages 211-244.
    8. Laurent Bouscharain, 2001. "Quelle convergence des règles de politique monétaire en Europe avant l’euro ?," Économie et Prévision, Programme National Persée, vol. 147(1), pages 159-169.
    9. repec:dau:papers:123456789/4186 is not listed on IDEAS
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    11. Issing, Otmar, 2000. "The ECB's Monetary Policy: Experience After the First Year," Journal of Policy Modeling, Elsevier, vol. 22(3), pages 325-343, May.
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    13. Andrew Brociner & Odile Chagny, 1996. "La Bundesbank : une orthodoxie pragmatique," Revue de l'OFCE, Programme National Persée, vol. 56(1), pages 95-119.
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    Cited by:

    1. Jérôme Creel & Éloi Laurent & Jacques Le Cacheux, 2007. "Politiques et performances macroéconomiques de la zone euro. Institutions, incitations, stratégies," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(3), pages 249-281.
    2. Angel Asensio, 2007. "Inflation targeting drawbacks in the absence of a 'natural' anchor," Post-Print halshs-00189225, HAL.
    3. Jérôme Creel & Eloi Laurent & Jacques Le Cacheux, 2007. "Politiques et performances macroéconomiques de la zone euro," Post-Print hal-03459617, HAL.
    4. repec:hal:wpspec:info:hdl:2441/2942 is not listed on IDEAS
    5. Jérôme Creel & Jacky Fayolle, 2002. "La Banque centrale et l'Union monétaire européennes : les tribulations de la crédibilité," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(5), pages 211-244.
    6. repec:hal:spmain:info:hdl:2441/2082 is not listed on IDEAS
    7. repec:hal:spmain:info:hdl:2441/2942 is not listed on IDEAS
    8. repec:spo:wpecon:info:hdl:2441/2139 is not listed on IDEAS
    9. repec:hal:wpspec:info:hdl:2441/2139 is not listed on IDEAS
    10. repec:spo:wpecon:info:hdl:2441/2942 is not listed on IDEAS
    11. repec:hal:spmain:info:hdl:2441/2139 is not listed on IDEAS
    12. Ludovic Desmedt & Matthieu Llorca, 2016. "L’euro, le bourdon et le banquier central," Post-Print hal-01430375, HAL.
    13. Harry Garretsen & Bas van Aarle & Florence Huart, 2006. "Chocs et règles de politique économique en UEM," Économie et Prévision, Programme National Persée, vol. 173(2), pages 43-63.

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    More about this item

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • 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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