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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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    Citations

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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. 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.
    3. Florence Huart & Bas Van Aarle & Harry Garretsen, 2006. "Chocs et règles de politique économique en UEM," Economie & Prévision, La Documentation Française, vol. 0(2), pages 43-63.
    4. repec:spo:wpmain:info:hdl:2441/2082 is not listed on IDEAS
    5. repec:spo:wpecon:info:hdl:2441/2139 is not listed on IDEAS
    6. repec:spo:wpecon:info:hdl:2441/2942 is not listed on IDEAS
    7. Angel Asensio, 2007. "Inflation targeting drawbacks in the absence of a 'natural' anchor," Post-Print halshs-00189225, HAL.
    8. repec:spo:wpmain:info:hdl:2441/2139 is not listed on IDEAS
    9. Jérôme Creel & Eloi Laurent & Jacques Le Cacheux, 2007. "Politiques et performances macroéconomiques de la zone euro," Post-Print hal-03459617, HAL.
    10. repec:spo:wpmain:info:hdl:2441/2942 is not listed on IDEAS
    11. Ludovic Desmedt & Matthieu Llorca, 2016. "L’euro, le bourdon et le banquier central," Post-Print hal-01430375, HAL.

    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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