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Are small countries too powerful within the ECB?

  • Helge Berger
  • Jakob Haan

This paper analyzes the possible consequences of diverging economic developments within the euro area, given the current decision-making process of the European Central Bank (ECB). For the German Bundesbank, the role model of the ECB, there is evidence that differences in the economic situation in the various states affected voting behavior in the Governing Council. For the euro area countries, the paper finds that, despite convergence, important differences in terms of economic performance and preferences remain. As all national central banks have one vote within the Governing Council of the ECB, there is a risk that national considerations may prevail over EMU-wide considerations. Copyright International Atlantic Economic Society 2002

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Article provided by Springer & International Atlantic Economic Society in its journal Atlantic Economic Journal.

Volume (Year): 30 (2002)
Issue (Month): 3 (September)
Pages: 263-282

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Handle: RePEc:kap:atlecj:v:30:y:2002:i:3:p:263-282
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  1. Ellen E. Meade & Nathan Sheets, 2002. "Regional influences on U.S. monetary policy: some implications for Europe," International Finance Discussion Papers 721, Board of Governors of the Federal Reserve System (U.S.).
  2. Svensson, Lars E. O., 1999. "Inflation targeting as a monetary policy rule," Journal of Monetary Economics, Elsevier, vol. 43(3), pages 607-654, June.
  3. Artis, Michael J & Zhang, W, 1997. "International Business Cycles and the ERM: Is There a European Business Cycle?," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 2(1), pages 1-16, January.
  4. Coricelli, Fabrizio & Cukierman, Alex & Dalmazzo, Alberto, 2001. "Economic Performance and Stabilization Policy in a Monetary Union with Imperfect Labour and Goods Markets," CEPR Discussion Papers 2745, C.E.P.R. Discussion Papers.
  5. De Grauwe, Paul, 2000. "Monetary Policies In The Presence Of Asymmetries," CEPR Discussion Papers 2393, C.E.P.R. Discussion Papers.
  6. Helge Berger & Ulrich Woitek, 1999. "Does Conservatism Matter? A Time Series Approach to Central Banking," CESifo Working Paper Series 190, CESifo Group Munich.
  7. Paul De Grauwe, 2000. "Monetary Policies in the Presence of Asymmetries," Journal of Common Market Studies, Wiley Blackwell, vol. 38(4), pages 593-612, November.
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