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Making the ECB the central bank of a non-federal coalition of states

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  • Mario Tonveronachi

    (University of Siena and Tallinn University of Technology)

Abstract

The recent crisis has shown that the inconsistent design of the Euro area had previously produced financial convergence, not integration. The crisis increased fragmentation thus further exposing the limits of the single monetary policy. The absence of a common fiscal authority impedes the birth of a single European financial market, which being at the centre of the European project would require financial operators to refer to a single risk-free yield curve. The recent reforms and the proposals contained in the report of the five presidents do not mark significant progresses towards making the overall design consistent with the production of the internal single financial market. We propose that by issuing debt certificates encompassing the entire maturity spectrum the European Central Bank might provide for a single risk-free yield curve. We show that the proposal is fully consistent with the current ECB’s mandate and does not require any treaty revision.

Suggested Citation

  • Mario Tonveronachi, 2015. "Making the ECB the central bank of a non-federal coalition of states," PSL Quarterly Review, Economia civile, vol. 68(273), pages 91-114.
    • Handle: RePEc:psl:pslqrr:2015:21
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    File URL: http://ojs.uniroma1.it/index.php/PSLQuarterlyReview/article/view/13156/12975
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    References listed on IDEAS

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    Cited by:

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    2. Emanuele Felice & Josep Pujol Andreu & Carlo D'Ippoliti, 2016. "GDP and life expectancy in Italy and Spain over the long run: A time-series approach," Demographic Research, Max Planck Institute for Demographic Research, Rostock, Germany, vol. 35(28), pages 813-866.

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    More about this item

    Keywords

    euro; European Central Bank; yield curve;
    All these keywords.

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F45 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Macroeconomic Issues of Monetary Unions

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