The European Central Bank

Michael Heine; Hansjörg Herr

doi:10.1017/9781788212960

The European Central Bank administers monetary policy for the eurozone and is tasked with maintaining price stability by keeping inflation below 2 per cent. This brief mandate belies the complexity of managing the monetary policy for the 19 member states of the euro, not to mention the political implications thereof.

This book sets out the history, development and day-to-day workings of this key institutional pillar of the European Union. It assesses its work, independence, the policies and instruments at its disposal and the evolution of its role during, and after, the eurozone crisis of 2010. Incomplete monetary union, Germany's hegemonic ambitions and different economic policies from individual member countries are shown to pose formidable challenges to the ECB's macroeconomic management.

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Contents

Frontmatter
pp i-iv
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Contents
pp v-vi
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Tables and figures
pp vii-viii
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Preface
pp ix-x
- By Michael Heine, Hansjörg Herr
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1 - Introduction: European integration
pp 1-8
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2 - From the Bretton Woods system to European Monetary Union
pp 9-14
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3 - The Maastricht Treaty and the Stability and Growth Pact
pp 15-24
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4 - Structure, political and legal framework of the European Central Bank
pp 25-38
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5 - Preconditions for a stable monetary union
pp 39-50
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6 - The failure of the two-pillar strategy of the ECB and the revival of Wicksell
pp 51-64
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7 - Increasing economic fragility in the EMU before the financial crisis
pp 65-86
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8 - Monetary policy during the Great Recession
pp 87-98
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9 - Monetary policy and the escalation of the euro crisis until 2012
pp 99-110
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10 - The ECB holds the euro together
pp 111-122
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11 - The fiscal policy framework in the EMU: no partner for the ECB
pp 123-134
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12 - Financial market supervision, banking union and financial market regulation
pp 135-150
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13 - The Covid-19 crisis and its effects on the EMU
pp 151-164
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14 - Prospects for European monetary policy and EMU
pp 165-176
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Notes
pp 177-182
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Bibliography
pp 183-193
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Index
pp 194-196
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The European Central Bank

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Contents

Frontmatter
pp i-iv

Contents
pp v-vi

Tables and figures
pp vii-viii

Preface
pp ix-x

1 - Introduction: European integration
pp 1-8

2 - From the Bretton Woods system to European Monetary Union
pp 9-14

3 - The Maastricht Treaty and the Stability and Growth Pact
pp 15-24

4 - Structure, political and legal framework of the European Central Bank
pp 25-38

5 - Preconditions for a stable monetary union
pp 39-50

6 - The failure of the two-pillar strategy of the ECB and the revival of Wicksell
pp 51-64

7 - Increasing economic fragility in the EMU before the financial crisis
pp 65-86

8 - Monetary policy during the Great Recession
pp 87-98

9 - Monetary policy and the escalation of the euro crisis until 2012
pp 99-110

10 - The ECB holds the euro together
pp 111-122

11 - The fiscal policy framework in the EMU: no partner for the ECB
pp 123-134

12 - Financial market supervision, banking union and financial market regulation
pp 135-150

13 - The Covid-19 crisis and its effects on the EMU
pp 151-164

14 - Prospects for European monetary policy and EMU
pp 165-176

Notes
pp 177-182

Bibliography
pp 183-193

Index
pp 194-196

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The European Central Bank

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