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One country, one vote? Labor market structure and voting rights in the ECB

  • Berger, Helge
  • Hefeker, Carsten

The pending enlargement of the European Monetary Union (EMU) has brought to the fore the discussion of the voting right distribution in the European Central Bank (ECB) council. We show that, in a model where labor unions internalize the inflationary consequences of wage setting, deviating from a voting scheme based purely on economic size can be beneficial. Preliminary evidence on unemployment and voting rights in the ECB council seems broadly in line with this idea. We also point to possible policy implications for EMU enlargement and ECB restructuring.

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Paper provided by Free University Berlin, School of Business & Economics in its series Discussion Papers with number 2004/10.

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Date of creation: 2004
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Handle: RePEc:zbw:fubsbe:200410
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  13. Benigno, Pierpaolo, 2004. "Optimal monetary policy in a currency area," Journal of International Economics, Elsevier, vol. 63(2), pages 293-320, July.
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