Alice in Euroland

Buiter, Willem H. (1999) Alice in Euroland. CEPDP (423). London School of Economics and Political Science. Centre for Economic Performance, London, UK. ISBN 0753012731

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Abstract

The paper contains a detailed critique of the common currency arrangements of the Economic and Monetary Union, embodied in the laws and emerging procedural arrangements that govern the actions of its key institutions: the European Central Bank and the European System of Central Banks. The main message here is ''Great idea, shame about the execution''. A number of improvements are then proposed. Some of these require amending the Treaty, including an end to the rule that each EMU member''s national central bank has a seat on the Governing Council or the removal of the power of the Council of Ministers to give ''general orientations'' for exchange rate policy. Others, notably in the areas of accountability, openness and transparency, could be implemented immediately, including publication of voting records, minutes and the inflation forecast. Improved arrangements are also advocated for the co-ordination of monetary and fiscal policy. And the article calls for a European Parliament that can both bark and bite.

Item Type:	Monograph (Discussion Paper)
Official URL:	http://cep.lse.ac.uk
Additional Information:	© 1999 W. H. Buiter
Divisions:	European Institute Centre for Economic Performance
Subjects:	H Social Sciences > HG Finance
Date Deposited:	31 Jul 2008 09:32
Last Modified:	13 Sep 2024 19:40
URI:	http://eprints.lse.ac.uk/id/eprint/20226

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