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

  • Barry Eichengreen

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

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File URL: http://www.nber.org/papers/w3840.pdf
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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 3840.

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Date of creation: Sep 1991
Date of revision:
Publication status: published as Establishing a Central Bank Matthew Canzoner; et al eds., Cambridge University Press: Cambridge, 1992
Handle: RePEc:nbr:nberwo:3840
Note: ME
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  1. Alessandra Casella and Jonathan Feinstein., 1988. "Management of a Common Currency," Economics Working Papers 8891, University of California at Berkeley.
  2. 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.
  3. 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.
  4. repec:cup:cbooks:9780521337809 is not listed on IDEAS
  5. Peter Temin, 1991. "Lessons from the Great Depression," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262700441, June.
  6. Hamilton, James D., 1987. "Monetary factors in the great depression," Journal of Monetary Economics, Elsevier, vol. 19(2), pages 145-169, March.
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