With the start of EMU, the Eurosystem has taken over monetary
policy for the 11 countries of the Euro area. But the division of
powers within the Eurosystem, between the European Central Bank and
the constituent National Central Banks, is not satisfactory. This
volume provides an analysis of the strengths and weaknesses of the
Eurosystem and offers concrete proposals concerning the decision
making organs, balance sheets and the distribution of seigniorage.
General
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