Suchergebnisse

Intro -- Half Title -- Series Information -- Title Page -- Copyright Page -- Contents -- Tables and figures -- Preface -- 1 Introduction: European integration -- 2 From the Bretton Woods system to European Monetary Union -- Exchange rate turbulence since the end of the 1960s -- The European Monetary System -- 3 The Maastricht Treaty and the Stability and Growth Pact -- The Maastricht Treaty -- The Maastricht criteria -- The Stability and Growth Pact (SGP) -- 4 Structure, political and legal framework of the European Central Bank -- The organizational structure of the European System of Central Banks -- The independence of central banks and the ECB -- Prohibition of direct financing of public budgets -- Personal independence -- Financial independence -- Target independence -- Exchange rate policy -- Instrument independence -- Accountability and transparency -- Legal foundations of independence -- Summary -- 5 Preconditions for a stable monetary union -- Summary -- 6 The failure of the two-pillar strategy of the ECB and the revival of Wicksell -- Money in the Keynesian tradition -- The two-pillar strategy of the ECB -- Monetary policy in the tradition of Knut Wicksell -- 7 Increasing economic fragility IN THE EMU before the financial crisis -- Interest rates, asset bubbles and GDP growth -- Wages, unit labour costs and prices -- Current account imbalances -- Fiscal policy -- Different macroeconomic regimes in the EMU -- Summary -- 8 Monetary policy during the Great Recession -- The financial market crisis and Great Recession in the EMU -- The monetary policy response -- Fiscal policy and bank bailouts -- Summary -- 9 Monetary policy and the escalation of the euro crisis until 2012 -- No comprehensive lender of last resort for public households -- The ECB's monetary policy -- Limited help for public households -- Target2-balances.

Part I. The Definition and Evolution of European Central Banking Law -- Chapter 1. The Function of Central Banks and Definition of European Central Banking Law -- Chapter 2. The Establishment of the European System of Central Banks and the Eurosystem -- Chapter 3. The Establishment of the European System of Financial Supervision -- Chapter 4. The Establishment of the (European) Banking Union -- Part II. Institutional Architecture -- Chapter 5. The Systems and Mechanisms of the European Central Bank and National Central Banks -- Chapter 6. Institutional Aspects of the European Central Bank -- Part III. Tasks and Competences of the European Central Bank -- Chapter 7. The Basic Tasks of the European Central Bank within the Eurosystem and Issuance of Banknotes and Coins -- Chapter 8. The Specific Supervisory Tasks of the European Central Bank and its Cooperation with National Competent Authorities -- Chapter 9. Other Specific Tasks and Competences of the European Central Bank relating to Financial Stability -- Part IV. Conclusion -- Chapter 10. Concluding Remarks -- Chapter 11. Assessments and Proposals.

"This book explores the formation and evolution of Scandinavian central banks. It begins by defining the nature of 'central banking' in general, before moving on to investigate how and when it became meaningful to regard today's Scandinavian central banks as such. It also explores how Scandinavian central banks have conformed to the defined ideals of "central banks" over the last 100 years, clarifying the distinctions between commercial banks and central banks, and between central banks and departments of governments. The author shows how the outbreak of the Great War was the catalyst which fundamentally transformed the originally purely commercial banks into 'central banks'. The book also analyses how different the three Scandinavian central banks are, how these differences can be explained by the different political and economic circumstances surrounding their original formation, and the differences in the political environments in which they later developed."--

Machine generated contents note: Part I. Introduction to the Financial and Monetary Regime: 1. The financial and monetary regime; 2. Basic concepts regarding money; Part II. The Financial System Component of the Financial and Monetary Regime: 3. The financial system and the country's flow of funds; 4. Interest rates in the financial system; 5. The level of interest rates; 6. The structure of interest rates; 7. International dimensions of the financial system; Part III. The Role of Government in the Financial and Monetary Regime: 8. The basic roles of government in the financial and monetary regime; 9. Regulation and supervision of the financial system; 10. A short history of the US financial and monetary regime in action; Part IV. Five Steps to Understanding Central Banks and Central Bank Policy: 11. The five steps and step 1 - the institutional design of the central bank; 12. Central banks, base money and the money supply; 13. Step 2 - tools of monetary policy and step 3 - monetary policy instruments; 14. Step 4 - the central bank model of the economy; 15. Step 5 - final policy targets; 16. Monetary policy tactics, strategy and rules versus discretion; Part V. Performance of the US financial and monetary regime: 17. Four important periods in the US financial and monetary regime

"Government bailouts. Negative interest rates and markets that do not behave as economic models tell us they should. New populist and nationalist movements that target central banks and central bankers as a source of popular malaise. New regional organizations and geopolitical alignments laying claim to authority over the global economy. Households, consumers, and workers facing increasingly intolerable levels of inequality. These dramatic conditions seem to cry out for new ways of understanding the purposes, roles and challenges of central banks and financial governance more generally. Financial Citizenship reveals that the conflicts about who gets to decide how central banks do all these things, and about whether central banks are acting in everyone's interest when they do them are in large part the product of a culture clash between experts and the various global publics that have a stake in what central banks do"--