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The European Central Bank (ECB) will be a formidable powerhouse. The European Parliament and national parliaments must have an objective basis for their own interpretation of the new central bank's actions. CEPR recognizes the need for a regular examination of ECB polices from a pan-European perspective and the importance of beginning this examination early in order to present a rigorous scrutiny of the ECB when it starts.This new MECB series will be written by a team of distinguished economists known internationally for their work on macroeconomics and monetary policy. They will produce two reports each year--an assessment of the key issues facing European monetary policy and a detailed commentary on the ECB's own annual report. The first report, to be published two months before the ECB's own report, will include a detailed analysis of ECB actions and will alert the public to the main issues raised by the policies pursued by the ECB during the previous year.There is no lack of fuses to trigger a financial crisis in Europe. ... Box 4.1 recalls how the Fed swiftly intervened during the 1987 stock market crash. ... First, the design of TARGET, the euro payments system, and the rules for access to central bank credit - which were mainly designed to shelter the ECB from the fallout of a anbsp;...

Title:The ECB
Author:David K. H. Begg
Publisher:Centre for Economic Policy Research - 1998


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