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The role of national central banks within the European System of Central Banks: The example of De Nederlandsche Bank

  • Nout Wellink

    (De Nederlandsche Bank)

  • Bryan Chapple

    (De Nederlandsche Bank)

  • Philipp Maier

    (De Nederlandsche Bank)

This paper considers the position of national central banks within the ESCB. The funda-mental framework underlying the ESCB is that of a system of central banks in which component institutions are individually and collectively responsible for carrying out vari-ous tasks. Within this framework, we evaluate the current division of labour between the ECB and NCBs using the concept of efficiency (which subsumes cost- consciousness as well as effectiveness), along with that of subsidiarity. In contrast to most of the existing literature, the focus is not exclusively on monetary policy, but takes into account a broader array of tasks performed by central banks. Taking a long-run perspective, it is ar-gued that while some tasks are likely to be centralised, fundamental changes in the role of NCBs in the ESCB are linked to further political integration within Europe and the devel- opment of supranational institutions in other policy areas.

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File URL: http://128.118.178.162/eps/mac/papers/0207/0207006.pdf
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Paper provided by EconWPA in its series Macroeconomics with number 0207006.

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Length: 20 pages
Date of creation: 13 Aug 2002
Date of revision:
Handle: RePEc:wpa:wuwpma:0207006
Note: Type of Document - PDF; prepared on PC; pages: 20; figures: included
Contact details of provider: Web page: http://128.118.178.162

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  1. Charles Goodhart, 2000. "The Organisational Structure of Banking Supervision," FMG Special Papers sp127, Financial Markets Group.
  2. Willem H. Buiter, 1999. "Alice in Euroland," LSE Research Online Documents on Economics 20226, London School of Economics and Political Science, LSE Library.
  3. Aksoy, Yunus & De Grauwe, Paul & Dewachter, Hans, 2002. "Do asymmetries matter for European monetary policy?," European Economic Review, Elsevier, vol. 46(3), pages 443-469, March.
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