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What first assessment can be made of the monetary strategy since 1999 ?

Abstract : Assessing the ECB's performance is unusually difficult because both the Bank and the context within which it operates - the integration of 12 national foreign exchange markets - are so radically new. There is no historical precedent. Nor are there any criteria against which to judge monetary policy designed for a group of states, which are closely integrated but fall short of a federal structure. One does not need to be an economic expert to appreciate that monetary policy is much more complicated in this novel situation than it is for in a nation state or a federation which can resort to historical precedents. There are technical difficulties - eurozone statistic are far less reliable as a basis of policy decisions than national ones - and political ones, in particular the preponderance of national interests. European governments still tend to europeanise their problems and nationalise their successes. Since European integration is still very much a work in progress, it is all too easy to criticise the work of the ECB, not least because it is build on various, perhaps even conflicting ulterior motives.
Type de document :
Liste complète des métadonnées
Contributeur : Spire Sciences Po Institutional Repository <>
Soumis le : jeudi 22 mai 2014 - 14:41:14
Dernière modification le : mercredi 5 février 2020 - 14:44:03
Archivage à long terme le : : vendredi 22 août 2014 - 10:45:50


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  • HAL Id : hal-00972682, version 1
  • SCIENCESPO : 2441/4821



Jean-Paul Fitoussi. What first assessment can be made of the monetary strategy since 1999 ?. 2003. ⟨hal-00972682⟩



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