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Why Democracy is Essential to Monetary Stability

Author

Listed:
  • Homburg, Stefan

Abstract

The article points out that monetary stability does not hinge upon formal central bank independence. The reason is that the legislator can easily restrict that independence by changing the law. Because the EU council as the true legislator does not face effective supervision by the citizens it is likely that it will behave as a leviathan.

Suggested Citation

  • Homburg, Stefan, 1997. "Why Democracy is Essential to Monetary Stability," EconStor Open Access Articles, ZBW - Leibniz Information Centre for Economics, pages 1-13.
  • Handle: RePEc:zbw:espost:93250
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    File URL: https://www.econstor.eu/bitstream/10419/93250/1/Homburg1997Democracy.pdf
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    Cited by:

    1. Niklas Potrafke & Markus Reischmann, 2016. "How to Handle the Crisis in Greece? Empirical Evidence Based on a Survey of Economics Experts," CESifo Working Paper Series 5860, CESifo Group Munich.

    More about this item

    Keywords

    Euro; EMU;

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System

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