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La Banque Centrale Européenne ou le Seigneur des euros

  • Jérôme Creel
  • Jacky Fayolle

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.

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Article provided by Presses de Sciences-Po in its journal Revue de l'OFCE.

Volume (Year): n° 83 bis (2002)
Issue (Month): 5 ()
Pages: 175-210

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Handle: RePEc:cai:reofsp:reof_074_0175
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  1. Jérôme Creel, 2001. "Faut-il contraindre la politique budgétaire en union monétaire ? Les enseignements d’une maquette simulée," Sciences Po publications info:hdl:2441/2943, Sciences Po.
  2. 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.
  3. 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.
  4. Martin Feldstein, 2000. "The European Central Bank and the Euro: The First Year," NBER Working Papers 7517, National Bureau of Economic Research, Inc.
  5. repec:spo:wpecon:info:hdl:2441/2942 is not listed on IDEAS
  6. 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.
  7. 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.
  8. Feldstein, Martin, 2000. "The European Central Bank and the Euro: The First Year," Scholarly Articles 3043424, Harvard University Department of Economics.
  9. Pisani, Florence & Brender, Anton, 2001. "Les marchés et la croissance," Economics Papers from University Paris Dauphine 123456789/4186, Paris Dauphine University.
  10. Andrew Brociner & Odile Chagny, 1996. "La Bundesbank : une orthodoxie pragmatique," Revue de l'OFCE, Programme National Persée, vol. 56(1), pages 95-119.
  11. 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.).
  12. Pisani, Florence & Brender, Anton, 1999. "Le nouvel âge de l'économie américaine," Economics Papers from University Paris Dauphine 123456789/4190, Paris Dauphine University.
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