The European Central Bank and monetary policy in stage three of EMU

If all goes according to the plan adopted at the Maastricht summit, the European Community will have a single central bank before the end of the century and a single currency soon thereafter. How will the European Central Bank (ECB) be organized? What powers and duties will it have? How will it conduct monetary policy? Peter Kenen proposes answers to those questions by drawing on the text of the treaty approved at Maastricht and filling some of the gaps on the basis of experience in the United States, where the Federal Reserve System has had to solve some of the same problems that will confront the ECB. He starts by reviewing the recommendations of the Delors report, on which the treaty is based, then turns to the treaty itself before taking up some operational problems that the treaty poses but does not solve

Currency · Economics · European community · European integration · European union · Geography · International economics · International trade · Keynesian economics · Maastricht Treaty · Macroeconomics · Monetary policy · Plan (archaeology · Political science · Single currency · Summit · Treaty · European Monetary and Fiscal Policies · History · Law · Public Administration