Maastricht: New and Old Rules
Thanks to the Maastricht Treaty and similar arrangements, central banks nowadays enjoy considerable independence. This is generally believed to be the result of relatively recent debates, which led to the conclusion that sheltering monetary authorities from the pressures of fiscal policymakers is a prerequisite for monetary stability. However, in history this point has in fact been a recurrent tenet. We start with David Ricardo's arguments in favour of central bank independence and against monetisation of public deficits. After WWI, the latter issue was at the heart of the 1920 International Financial Conference of the League of Nations, which fostered and guided the establishment of many new central banks, and shaped various policymaking arrangements of today's monetary authorities.
|Date of creation:||2006|
|Date of revision:|
|Contact details of provider:|| Postal: Via S. Faustino 74/B, 25122 Brescia|
Web page: http://www.unibs.it/atp/page.1019.0.0.0.atp?node=224
More information through EDIRC
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.:
- Fratianni,Michele & Spinelli,Franco, 2005.
"A Monetary History of Italy,"
Cambridge University Press, number 9780521023450, June.
- Detken, Carsten & Smets, Frank, 2004.
"Asset price booms and monetary policy,"
Working Paper Series
0364, European Central Bank.
- Tavelli, Henry & Tullio, Giuseppe & Spinelli, Franco, 1998. "The Evolution of European Central Bank Independence: An Updating of the Masciandaro and Spinelli Index," Scottish Journal of Political Economy, Scottish Economic Society, vol. 45(3), pages 341-44, August.
- Claudio E. V. Borio & Philip Lowe, 2004. "Securing sustainable price stability: should credit come back from the wilderness?," BIS Working Papers 157, Bank for International Settlements.
When requesting a correction, please mention this item's handle: RePEc:ubs:wpaper:ubs0614. 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: (Matteo Galizzi)
If references are entirely missing, you can add them using this form.