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International Central Bank Co-operation: What It Can — and Cannot — Achieve

In: Evolution of the International and Regional Monetary Systems

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  • Alexandre Lamfalussy

Abstract

I propose to comment on three interconnected areas of central bank co-operation: exchange market intervention, monetary policy coordination and safeguarding the smooth functioning of the financial system. My remarks are not directed at questions related to central bank co-operation in the management of the European Monetary System as it stands today (except by way of reference) or those raised by its possible further development. Nor are they addressed to the broader question of reforming global monetary relations. Their compass is more limited and more modest: to explore the potential for, and the limits of, central bank co-operation between the major participants in the system of managed floating, on the assumption that there is no major change in the present institutional framework of international co-operation.

Suggested Citation

  • Alexandre Lamfalussy, 1991. "International Central Bank Co-operation: What It Can — and Cannot — Achieve," Palgrave Macmillan Books, in: Alfred Steinherr & Daniel Weiserbs (ed.), Evolution of the International and Regional Monetary Systems, chapter 4, pages 35-45, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-11061-2_4
    DOI: 10.1007/978-1-349-11061-2_4
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