Both studies of political power and Europeanization studies have
tended to neglect central banks. As the age of the euro reaches its
10th anniversary, it is timely to reflect on what it means for
central banks, which have been at the forefront of the
establishment of Economic and Monetary Union in the European Union.
Central banks have been caught up in a major historic political
project. What does it mean for them? What does the age of the euro
tell us about the power of central banks, their Europeanization and
whether they are coming to resemble each other more closely?
This book brings together a range of recognized academic
specialists to examine the main political aspects of this question.
How, and in what ways, has the euro Europeanized central banks
(members and non-members of the Euro Area)? What have been its
effects on the power of central banks and their use of power? Has
the euro generated convergence or divergence in central banking?
The book offers the first, in-depth and systematic political
analysis of central banks in the first decade of the euro. It
places the euro in its global and European contexts, including the
US Fed and the Australasian central banks, patterns of
differentiated integration in European central banking, and the
European Central Bank. It offers a set of case studies of its
effects on a representative sample of EU central banks (euro
'insiders' and 'outsiders') and looks at four main thematic areas
(monetary policy, financial market supervision, accountability and
transparency, and research).
The book contributes to Europeanization studies, comparative
political economy, and studies of Economic and Monetary Union. It
will be of major interest to students of the European Union and
European integration, comparative European politics, and area and
'country' studies. More generally, it will interest all those
interested in central banking and their pivotal and problematic
position between politics and markets.
General
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