Suchergebnisse

Although European Monetary Union led to the creation of one of the world's most independent central banks, politics has not been removed from monetary integration. The European Central Bank's primary claim to legitimacy rests with its ability to deliver low inflation and presumably higher growth. Its independence may be insufficient for this task, making its relationship with political institutions like the Euro-12 and European Parliament more important over time in order to augment its own credibility. This article argues that a model of collective responsibility is more appropriate than one of principle-agent theory to describe the development of European monetary relations between the various institutions as they will need to rely on one another if a coherent European monetary policy is to take shape.

Explores the authority and independence of the European Central Bank (ECB) and the extent to which politics has been removed from monetary policymaking, and the development of monetary relations between institutions and EU actors for a coherent policy.

Cover -- Half Title -- Series Page -- Title Page -- Copyright Page -- Table of Contents -- List of figures -- List of tables -- List of boxes -- Notes on contributors -- Preface by Paul De Grauwe -- Note -- References -- Acknowledgments -- List of abbreviations -- 1 After the bailout: 10 years of the euro area crisis -- Introduction -- Analytical framework -- Summary of chapters -- References -- Part I The European dimension of the crisis -- 2 The euro crisis: its unresolved roots and their reform implications -- Introduction -- Cracks in the euro foundation -- Efforts to cement the cracks -- Bailout mechanism -- Roles of the ECB -- Debt restructuring by sovereigns and banks -- Financial stability -- Fiscal policy and governance reforms -- Further steps to shore up the euro foundation -- Crisis resolution -- Crisis prevention/surveillance -- Conclusions -- Acknowledgments -- Note -- References -- 3 When numbers don't add up: bureaucratic culture and conflicts in EU-IMF programs -- Introduction -- Bureaucratic cultures -- Troika approaches to credit lending -- The European Commission as Europeanist -- The ECB as Monetary Guardian -- The IMF as Accountant -- Country studies -- Greece -- Ireland -- Portugal -- Cyprus -- Conclusion -- Acknowledgments -- References -- Part II Country studies -- 4 Greece after the bailouts: assessment of a qualified failure -- Introduction -- The tyranny of antecedent circumstances: from boom to crash -- From crash to bailout: the first and second financial assistance programs -- The 3rd financial assistance program and the political economy of bailouts -- A forced adjustment under the bailouts: the vicious cycle of contraction -- The mostly negative legacies of massive austerity and positiver eforms -- Toward a new growth model? -- Notes -- References -- 5 Ireland: back to a different normal -- Introduction.