Adjustments to the accountability and transparency of the European Central Bank

Sylvester Eijffinger 24 October 2009

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It is widely agreed that central banking should not be subject to "political business cycles". Consequently, in the last decades, it has become an integral part of modern central banking policy that full operational (or functional) independence of central banks is a welfare-enhancing quality. However, the objectives of the central bank should then be clearly defined from the outset, the bank should be accountable for its actions, and the public should have a solid trust in its actions. The ongoing crisis may well have made central banking more complicated.

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Topics:  EU institutions

Tags:  ECB, Central Banks, financial supervision

Multinational banks and European financial integration: Lessons for supervision and regulation

Giorgio Barba Navaretti, Giacomo Calzolari, Guido Ferrarini, Alberto Franco Pozzolo 08 April 2009

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Multinational banks are a crucial piece of the puzzle in the flurry of proposals for European financial reform. The size and cross-border operations of these institutions are seen by some as amplifying the effects of wrong management choices and practices and making the current crisis more systemic. That has cast doubts on the viability of this business model in the post-crisis world.

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Topics:  EU policies

Tags:  ECB, EU, banking regulation

Europe in the eye of a crisis

Lans Bovenberg, Coen Teulings 04 April 2009

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Europe is now at a crossroads: either closer political integration will support European economic integration or European markets will disintegrate at the cost of falling standards of living and rising international political tensions. It would not be the first time that a crisis compels Europe to take a step further on the road to closer political cooperation, as Avinash Persaud has argued on Vox.

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Topics:  EU policies Global crisis

Tags:  ECB, EU, Banking crisis

Keep it simple

Carmine Di Noia, Stefano Micossi 01 April 2009

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Tomorrow’s G20 meeting in London should not try to resolve everything. It must concentrate on what is urgent and, for the rest, start a process capable of producing a consensus on what must be corrected in the global governance of the economy and financial markets within reasonable deadlines.

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Topics:  EU policies Global crisis Global governance

Tags:  ECB, financial regulation, G20

Fiscal dimensions of central banking: the fiscal vacuum at the heart of the Eurosystem and the fiscal abuse by and of the Fed: Part 2

Willem Buiter 25 March 2009

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The Bank of England

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Topics:  Monetary policy

Tags:  ECB, Fed, Bank of England, fiscal backing

Fiscal dimensions of central banking: the fiscal vacuum at the heart of the Eurosystem and the fiscal abuse by and of the Fed: Part 3

Willem Buiter 25 March 2009

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An entirely valid reason for the ECB/Eurosystem to refuse to engage in either outright purchases of private securities or in unsecured lending to the banking sector (or to the non-financial enterprise sector directly), is that there is no ‘fiscal Eurozone’ – just as there is no fiscal EU. The absence of a fiscal Europe that matters here is a narrow one.

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Topics:  Monetary policy

Tags:  ECB, Eurosystem, fiscal Europe, wnt

Fiscal dimensions of central banking: The fiscal vacuum at the heart of the Eurosystem and the fiscal abuse by and of the Fed: Part 2

Willem Buiter 24 March 2009

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Why has there not been quantitative easing in the Eurozone? Good question.

No treaty-based obstacle

There is no treaty-based obstacle to the ECB/Eurosystem buying Eurozone government securities in the secondary markets. Indeed, both the ECB and the 16 national central banks of the Eurosystem hold Eurozone government securities on their balance sheets. Article 101.1 of the Consolidated version of the Treaty Establishing the European Community reads as follows:

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Topics:  Monetary policy

Tags:  ECB, Fed, quantitative easing

Fiscal dimensions of central banking: The fiscal vacuum at the heart of the Eurosystem and the fiscal abuse by and of the Fed: Part 1

Willem Buiter 08 May 2010

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Editors’ note: This is the first of a four-part series of Vox columns culled from Willem Buiter’s recent post on his FT-sponsored blog, Maverecon.

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Topics:  Financial markets

Tags:  ECB, Eurosystem, quantitative easing

Was the euro a mistake?

Barry Eichengreen 20 January 2009

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What started as the Subprime Crisis in 2007 and morphed in the Global Credit Crisis in 2008 has become the Euro Crisis in 2009. Sober people are now contemplating whether a euro area member such as Greece might default on its debt. In addition to directly damaging bank balance sheets, this would destroy confidence in its banking and financial system. Unable to borrow and facing horrific bank recapitalisation costs, the country would have to print money. To do so it would have to abandon the euro and reinstate its old national currency.

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Topics:  Global economy

Tags:  ECB, global crisis, Government default, Eurozone breakup

The euro at ten: Why do effects on trade between members appear smaller than historical estimates among smaller countries?

Jeffrey Frankel 24 December 2008

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With the tenth anniversary of the launching of the euro, everyone is taking stock. The record of the euro shows both pluses and minuses. Looking back, the euro has in many ways been more successful than predicted by the sceptics – many of them American economists. The historic transition to a monetary union among 11 countries in 1999 went smoothly, the euro instantly became the world’s number two international currency, and the officials of the European Central Bank (ECB) have from the beginning worked as citizens of Europe rather than as representatives of home constituencies.

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Topics:  EU policies International finance

Tags:  ECB, euro, EU trade, monetary unions, CFA franc

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