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25 years of the OeNB in the Eurosystem – tracing the evolution of Governing Council governance

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This paper deals with the role of national central banks (NCBs), especially the Oesterreichische Nationalbank (OeNB), since the establishment of the European System of Central Banks (ESCB) and the Eurosystem 25 years ago. It draws on the experiences and perceptions of past and present OeNB governors and a former European Central Bank (ECB) Executive Board member with whom we conducted semistructured in-depth interviews in September and October 2023. After outlining the special setup of the Eurosystem, we investigate the question whether the decision-making process has changed over the last 25 years and what factors played a role. This relates to formal changes like the implementation of the rotation scheme of voting rights, and to the impact of economic conditions and of the presidents of the ECB. Attention is also given to the level of decentralization within the ESCB/Eurosystem and the working methods established to enhance cooperation and collaboration. We conclude by describing what the OeNB, a rather small NCB, has learned since joining the Eurosystem. This can be summarized as follows: the size of a central bank matters, personal contacts and networking are essential, collaboration needs strengthening and specialization can be an asset.

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  • Ingrid Ettl & Anita Roitner, 2024. "25 years of the OeNB in the Eurosystem – tracing the evolution of Governing Council governance," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue Q4/23, pages 79-92.
    • Handle: RePEc:onb:oenbmp:y:2024:i:q4/23:b:4
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    1. Marijn van der Sluis, 2022. "National central banks in EMU: time for revision?," Journal of Banking Regulation, Palgrave Macmillan, vol. 23(1), pages 19-30, March.
    2. Dieter Gerdesmeier & Francesco Paolo Mongelli & Barbara Roffia, 2007. "The Eurosystem, the U.S. Federal Reserve, and the Bank of Japan: Similarities and Differences," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 39(7), pages 1785-1819, October.
    3. Blinder, Alan S., 2007. "Monetary policy by committee: Why and how?," European Journal of Political Economy, Elsevier, vol. 23(1), pages 106-123, March.
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    JEL classification:

    • 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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