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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.
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https://hal-sciencespo.archives-ouvertes.fr/hal-00972682
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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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fitoussi-cema-022003.pdf
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  • HAL Id : hal-00972682, version 1
  • SCIENCESPO : 2441/4821

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

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