Drawing on numerous interviews with high-ranking and founding
members of the European Central Bank (ECB), Karl Kaltenthaler
identifies and explains the factors that shape the bank's domestic
and international monetary strategies. As at all institutions,
politics are very much involved in policy-making at the ECB.
Kaltenthaler finds that instead of being unconcerned with how the
bank's policies impact the citizens of the Eurozone, the central
bankers desire to keep the economy healthy. This desire is driven
by the central bankers' two primary personal preferences: to appear
competent to as much of society as possible and to maintain broad
political support for their operational independence. The
policy-making model that offers the best roadmap to a healthy
economy is that of the German Bundesbank. To secure the long-term
needs of the economy, the decisionmakers in the ECB have created a
model that attempts to replicate the Bundesbank's success at the
European level and to lend credibility to their own policies.
Offering unprecedented access to the internal decisionmaking at the
ECB, Policymaking in the European Central Bank will interest
readers who want to understand this important European institution.
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