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

Author

Listed:
  • Nout Wellink

    (De Nederlandsche Bank)

  • Bryan Chapple

    (De Nederlandsche Bank)

  • Philipp Maier

    (De Nederlandsche Bank)

Abstract

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.

Suggested Citation

  • Nout Wellink & Bryan Chapple & Philipp Maier, 2002. "The role of national central banks within the European System of Central Banks: The example of De Nederlandsche Bank," Macroeconomics 0207006, EconWPA.
  • Handle: RePEc:wpa:wuwpma:0207006
    Note: Type of Document - PDF; prepared on PC; pages: 20; figures: included
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    References listed on IDEAS

    as
    1. 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.
    2. Willem H. Buiter, 1999. "Alice in Euroland," Journal of Common Market Studies, Wiley Blackwell, vol. 37(2), pages 181-209, June.
    3. Charles Goodhart, 2000. "The Organisational Structure of Banking Supervision," FMG Special Papers sp127, Financial Markets Group.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Jorge E. Galán Camacho & Miguel Sarmiento Paipilla, 2007. "Staff, Functions, and Staff Costs at Central Banks: an International Comparison with a Labor- Demand Model," Money Affairs, Centro de Estudios Monetarios Latinoamericanos, vol. 0(2), pages 131-179, July-Dece.
    2. Robert-Paul Berben & Beata Bierut & Philipp Maier, 2012. "The role of regional information in the optimal composition of a committee," Economics Bulletin, AccessEcon, vol. 32(1), pages 510-517.
    3. Philipp Maier, 2007. "Monetary Policy Committees in Action: Is There Room for Improvement?," Staff Working Papers 07-6, Bank of Canada.

    More about this item

    Keywords

    NCB; ECB; EMU;

    JEL classification:

    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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