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Central Bank Independence in Southeastern Europe with a View to EU Integration – Revisited



This contribution updates an analysis of central bank legislation in eight Southeastern European (SEE) countries published in 2004. It uses the ECB classification and examines functional, institutional, personal and financial independence. The relevant Treaty requirements serve as a benchmark for assessing the degree of legal central bank independence (CBI) already achieved in the respective areas. The author finds that since 2004 some SEE countries have achieved further progress in aligning central bank legislation with Treaty requirements. As in 2004, the degree of CBI continues to correspond largely to the respective country’s level of integration with the EU. The main remaining weakness can be found in the area of personal independence, in particular in the provisions on the dismissal of central bank top officials. Further crucial areas are the prohibition of monetary financing and provisions on loss coverage. The paper concludes that legal arrangements to protect the status of the central bank are a necessary, though not sufficient, prerequisite for CBI. In fact, the importance of practical implementation cannot be overestimated.

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  • Sandra Dvorsky, 2007. "Central Bank Independence in Southeastern Europe with a View to EU Integration – Revisited," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue 1, pages 101-114.
  • Handle: RePEc:onb:oenbfi:y:2007:i:1:b:3

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    References listed on IDEAS

    1. Helmut Stix, 2002. "The Euro in Central and Eastern Europe (CEE countries) : survey evidence from five countries," CESifo Forum, Ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 3(3), pages 33-38, April.
    2. Nikolay Nenovsky & S. Statev, 2006. "Introduction," Post-Print halshs-00260898, HAL.
    3. Edgar L. Feige, 2003. "The Dynamics of Currency Substitution, Asset Substitution and De facto Dollarization and Euroization in Transition Countrieses," Macroeconomics 0305003, EconWPA.
    4. Helmut Stix, 2004. "Foreign Currency Demand since 2002 - Evidence from Five Central and Eastern European Countries," CESifo Forum, Ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 5(4), pages 19-24, December.
    5. Bénédicte Vidaillet & V. D'Estaintot & P. Abécassis, 2005. "Introduction," Post-Print hal-00287137, HAL.
    6. M. Ruth & K. Donaghy & P. Kirshen, 2006. "Introduction," Chapters,in: Regional Climate Change and Variability, chapter 1 Edward Elgar Publishing.
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