The European Central Bank – Credibility, Transparency and Centralization

Bibliographic Data

ID9707255
AuthorsAndreas Freytag (0000-0002-1682-0770, Friedrich Schiller University Jena, corresponding author)
Year2006
Volume116
Issue512
PagesF327-F328
Publication date2006-06-01
Open AccessYes
TypeARTICLE
VenueThe Economic Journal (JOURNAL)
Journal identifiersISSN: 0013-0133 • E-ISSN: 1468-0297
PublisherOxford University Press (OUP) (PUBLISHER)
DOI10.1111/j.1468-0297.2006.01102_2.x
OpenAlexW2125927290
LanguageEN
Citations received3

The book touches an enormously important issue, namely the credibility problems related to the European Monetary Union. The authors provide a very well structured, accessibly written and comprehensive analysis. The book offers a very fruitful and thought provoking discussion and thus is a must for academics and private sector economists interested in monetary policy as well as for central bankers. After a short introduction, the authors thoroughly describe the monetary framework of the ECB. In the third chapter, the ECB’s framework and strategy are subject to a critical assessment, containing a rich array of criteria such as the predictability of the ECB’s actions, different aspects of inflation, the first (monetary) pillar, and the external value of the Euro. The authors judge the Bank positively in general, but conclude correctly but somewhat early (given that three important chapters are yet to come) that the ECB should abandon the first pillar and concentrate on an inflation target

Central bank · Credibility · Economics · Inflation (cosmology · Inflation targeting · International economics · Keynesian economics · Macroeconomics · Monetary economics · Monetary policy · Pillar · Political science · Predictability · Subject (documents · Transparency (behavior · Computer Science · Engineering · European Monetary and Fiscal Policies · Law

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