Discussion Paper Details

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Title: The European Central Bank: Reshaping Monetary Politics in Europe

Author(s): Alberto F Alesina and Vittorio Grilli

Publication Date: July 1991

Keyword(s): Central Bank Independence, ECB, European Monetary System and Political Economy

Programme Area(s): International Macroeconomics

Abstract: This paper studies how the creation of a European Central Bank (ECB) will change the political economy of monetary policy in Europe. The 12 governors of the EC member countries national central banks of the EEC have recently proposed a statute which delineates the institutional structure of the ECB. In this paper, we discuss the likely impact of this proposed structure on the conduct of monetary policy at the European level, particularly from the point of view of the trade-off between inflation and stabilization. We analyse the role of the political independence of the ECB and the effect on policy choices of voting rules for appointing ECB board members

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Bibliographic Reference

Alesina, A and Grilli, V. 1991. 'The European Central Bank: Reshaping Monetary Politics in Europe'. London, Centre for Economic Policy Research.