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Challenges for monetary policy in Euroland

de Grauwe, Paul (2002) Challenges for monetary policy in Euroland. Journal of Common Market Studies, 40 (4). pp. 693-718. ISSN 1747-5244

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Abstract

Despite the economic and political success of its launch, the challenges ahead for the euro are formidable. This article analyses some of these challenges, focusing particularly on the monetary policy strategy of the European Central Bank (ECB) and on the implications of enlargement of the monetary union to up to 27 Member States. The monetary policy strategy and inflation target of the ECB are criticized for being unrealistic and possibly damaging to the ECB’s credibility. It is shown that unless the mechanisms for taking interest rate decisions are rethought, there are risks that the wrong decisions will be taken after enlargement.

Item Type: Article
Official URL: http://onlinelibrary.wiley.com/journal/10.1111/%28...
Additional Information: © 2002 Blackwell Publishing
Library of Congress subject classification: H Social Sciences > HG Finance
J Political Science > JZ International relations
Journal of Economic Literature Classification System: E - Macroeconomics and Monetary Economics > E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit > E52 - Monetary Policy (Targets, Instruments, and Effects)
F - International Economics > F3 - International Finance > F36 - Financial Aspects of Economic Integration
Sets: Departments > European Institute
Collections > Economists Online
Rights: http://www.lse.ac.uk/library/usingTheLibrary/academicSupport/OA/depositYourResearch.aspx
Date Deposited: 05 Oct 2012 09:10
URL: http://eprints.lse.ac.uk/46567/

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