Designing a Central Bank for Europe: A Cautionary Tale from the Early Years of the Federal Reserve System
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.
|Date of creation:||Nov 1991|
|Date of revision:|
|Contact details of provider:|| Postal: Centre for Economic Policy Research, 77 Bastwick Street, London EC1V 3PZ.|
Phone: 44 - 20 - 7183 8801
Fax: 44 - 20 - 7183 8820
|Order Information:|| Email: |
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- J. Bradford De Long, .
"`Liquidation' Cycles: Old-Fashioned Real Business Cycle Theory and the Great Depression,"
J. Bradford De Long's Working Papers
_135, University of California at Berkeley, Economics Department.
- 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.
- Eichengreen, Barry, 1984.
"International Policy Coordination in Historical Perspective: A View from the Interwar Years,"
CEPR Discussion Papers
29, C.E.P.R. Discussion Papers.
- Barry Eichengreen, 1985. "International Policy Coordination in Historical Perspective: A View from the Interwar Years," NBER Chapters, in: International Economic Policy Coordination, pages 139-183 National Bureau of Economic Research, Inc.
- 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.
- Casella, Alessandra & Feinstein, Jonathan, 1988.
"Management of a Common Currency,"
Department of Economics, Working Paper Series
qt5jv1h7nt, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
- Alessandra Casella & Jonathan Feinstein, 1988. "Management of a Common Currency," NBER Working Papers 2740, National Bureau of Economic Research, Inc.
- Alessandra Casella and Jonathan Feinstein., 1988. "Management of a Common Currency," Economics Working Papers 8891, University of California at Berkeley.
- Hamilton, James D., 1987. "Monetary factors in the great depression," Journal of Monetary Economics, Elsevier, vol. 19(2), pages 145-169, March.
- Buiter,Willem H. & Marston,Richard C., 1986.
"International Economic Policy Coordination,"
Cambridge University Press, number 9780521337809, 1.
- Peter Temin, 1991. "Lessons from the Great Depression," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262700441, June.
When requesting a correction, please mention this item's handle: RePEc:cpr:ceprdp:585. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ()The email address of this maintainer does not seem to be valid anymore. Please ask to update the entry or send us the correct email address
If references are entirely missing, you can add them using this form.