Schiavi e liberti al tempo di Settimio Severo: costituzioni e indirizzi di governo
In: Documenti e studi. Sezione di storia antica 76
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In: Documenti e studi. Sezione di storia antica 76
In: Occasional paper series 144
In: Economic papers 302
In: Occasional paper series 40
In: Working paper 138
In: Working paper 20
In: Working paper series 742
In: Global finance series
In: Occassional paper series no 79 (January 2008)
The ECB's monetary policy has received considerable attention in recent years. This is less the case, however, for its regular monetary policy preparation and decision-making process. This paper reviews how the factors usually considered as critical for the success of a central banking system and the federal nature of the Eurosystem are intertwined with its overall design and the functioning of its committee architecture. In particular, it examines the procedures for preparing monetary policy decisions and the role of the decision-making bodies and the committees therein. We suggest that technical committees, involving all national central banks (NCBs), usefully contribute to the regular processing of a vast amount of economic, financial and monetary data, as well as to the consensus building at the level of the Governing Council. A federal organisational structure, including a two-tier committee structure with the Executive Board taking the lead in preparing the monetary policy decisions and the Governing Council in charge of the decisions with collective responsibility for them, as well as committee work at the various hierarchical levels, contributes to the efficiency of the ECB's monetary policy decision-making, and thereby facilitates the maintenance of price stability in the euro area. A fully-fledged committee structure has also contributed to the smooth integration of non-euro area Member States into the Eurosystem's monetary policy decision-making process.
In: IMF working paper, 96/124
World Affairs Online
In: Working paper 599
In: Proceedings of June 2005 workshop on What Effects is EMU Having on the Euro Area and its Member Countries?