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The Euro and Its Central Bank : Getting United after the Union - Tommaso Padoa-Schioppa

The Euro and Its Central Bank

Getting United after the Union

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This history and analysis of the euro and the European Central Bank traces the process of European monetary integration from its beginnings as a utopian vision in the aftermath of World War II through the establishment of a single currency managed by a central bank. Tommaso Padoa-Schioppa, a central banker who has been involved in the making of European monetary unification since 1979, offers an accessible guide to the euro and the European Central Bank for scholars, students, and the general reader, discussing the related economic, financial, monetary, and international political issues. In the process he also provides an overview of central banking in general and the multiple activities of a central bank; as the case of the European Central Bank illustrates, central banking involves not only monetary analysis and policy but much else, including banknote printing and handling, market operations, payment systems, bank supervision, and coordinating with other public institutions.Padoa-Schioppa begins with the historical background of European monetary integration, starting with the 1957 Treaty of Rome, which lay the foundation for the Common Market, and covering the 1992 Maastricht Treaty, the development of an anchor currency, and the "euroskepticism" of the U.K. Subsequent chapters are devoted to economic policy, monetary policy, the euro as unifier in the financial system, the payment system, the euro as an international actor outside "euroland," and the challenges ahead for the still relatively young project of European monetary integration.

For anyone interested in modern central banking, or in recent developments in the institutional aspects of Europe's financial system, this is a good place to start.

-Foreign Affairs
For anyone interested in modern central banking, or in recent developments in the institutional aspects of Europe's financial system, this is a good place to start.

-Foreign Affairs * Reviews *

Prefacep. ix
Acknowledgmentsp. xix
The Roads to the Euro: A Historical Overviewp. 1
Politics: From War to Sweet Commercep. 1
Fall of the Berlin Wall and Rise of the Europ. 6
The United Kingdom, European Union, and the Europ. 9
Economy: Resolving an Inconsistent Quartetp. 11
Central Banking: From Old to New Anchorsp. 15
A Profile of the Eurosystem: The Newest Central Bankp. 21
The Eurosystemp. 21
Center and Peripheryp. 23
Decision-Making in the Eurosystemp. 27
Independence and Accountabilityp. 32
A Polity in the Makingp. 35
Appendix: Institutions of the European Unionp. 36
Economic Policies: A Special Economic Constitutionp. 41
Policy Assignmentp. 42
Interplayp. 45
Coordinationp. 47
Market Policyp. 51
Money and Exchange Ratep. 52
Fiscalp. 53
Employmentp. 59
While the Jury Is Outp. 61
Appendix: Euroland's Economic Structure and Challengesp. 63
Monetary Policy: As Strong as the Deutsche Markp. 67
Mandate, Strategyp. 68
Debates on the ECB Strategyp. 72
Practice and Evaluation of the Strategyp. 78
Operationsp. 83
Transmissionp. 86
Transparency, Communicationp. 91
Financial System: The Euro as Unifierp. 97
Single Market and Currency Segmentationp. 97
The Continental European Modelp. 99
The Shock of the Europ. 102
Regulation and Supervisionp. 107
The Institutions of Supervisionp. 111
The Eurosystem and Financial Stabilityp. 115
The Payment System: The Plumbing of Eurolandp. 119
Historical Backgroundp. 119
New Risks, New Technologiesp. 122
One Currency, One Systemp. 124
Banknotes and Other Retail Paymentsp. 127
Large-Value Paymentsp. 130
Securities Settlement Systemsp. 133
Main Challengesp. 135
The Eurosystem in the Global Arena: A New Actor in a New Playp. 139
The Euro outside Eurolandp. 139
Fall and Rise of the Europ. 143
Three Floating Currenciesp. 147
Pegs and Cornersp. 151
The Euro as an Anchorp. 154
Cooperation for Financial Stabilityp. 157
The Trials Ahead: From Infancy to Maturityp. 165
Price Stability and Growthp. 165
A Perfect Central Bankp. 168
Incoming Countriesp. 173
A Reluctant Global Actorp. 176
Policy, Politics, Polityp. 179
Abbreviationsp. 183
Notesp. 185
Bibliographyp. 231
Indexp. 243
Table of Contents provided by Ingram. All Rights Reserved.

ISBN: 9780262162227
ISBN-10: 0262162229
Series: The MIT Press
Audience: Professional
For Ages: 18+ years old
Format: Hardcover
Language: English
Number Of Pages: 264
Published: 1st July 2004
Country of Publication: US
Dimensions (cm): 22.9 x 15.2  x 2.2
Weight (kg): 0.52