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Designing a Central Bank for Europe: A Cautionary Tale from the Early Years of the Federal Reserve System

  • Eichengreen, Barry

Important questions concerning the structure and operation of a European Central Bank remain unanswered. Although there exists no precedent for the process of institution-building in which the European Community is currently engaged, the founding and early operations of the Federal Reserve System in the United States provide a suggestive parallel. The US experience suggests that Stage 2 of the Delors Plan contains potential sources of instability and provides an argument for direct transition from Stage 1 (national monetary autonomy) to Stage 3 (centralization of authority). It also suggests the need for more thought about voting and mediation procedures to be used to reconcile and aggregate national interests.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 585.

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Date of creation: Nov 1991
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Handle: RePEc:cpr:ceprdp:585
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  1. J. Bradford De Long, 1990. ""Liquidation" Cycles: Old-Fashioned Real Business Cycle Theory and the Great Depression," NBER Working Papers 3546, National Bureau of Economic Research, Inc.
  2. Barry J. Eichengreen, 1984. "International Policy Coordination in Historical Perspective: A View from the Interwar Years," NBER Working Papers 1440, National Bureau of Economic Research, Inc.
  3. Alessandra Casella & Jonathan Feinstein, 1988. "Management of a Common Currency," NBER Working Papers 2740, National Bureau of Economic Research, Inc.
  4. repec:cup:cbooks:9780521337809 is not listed on IDEAS
  5. Hamilton, James D., 1987. "Monetary factors in the great depression," Journal of Monetary Economics, Elsevier, vol. 19(2), pages 145-169, March.
  6. Peter Temin, 1991. "Lessons from the Great Depression," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262700441, June.
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