Cover image for A European central bank? : perspectives on monetary unification after ten years of the EMS
A European central bank? : perspectives on monetary unification after ten years of the EMS
De Cecco, Marcello.
Publication Information:
Cambridge [England] ; New York : Cambridge University Press, 1989.
Physical Description:
xvii, 371 pages ; 24 cm
General Note:
Based on the conference held by the Italian Macroeconomic Policy Group and the Centre for Economic Policy Research held at Castelgandolfo on 17/18 June 1988.

Format :


Call Number
Material Type
Home Location
Central Library HG930.5 .E8684 1989 Adult Non-Fiction Central Closed Stacks

On Order



This volume, based on a conference held by the Italian Macroeconomic Policy Group and the centre for Economic Policy Research, examines the issues raised by European monetary unification. An introduction describes recent monetary developments and identifies the motivations for creating a European central bank. Theoretical papers analyse the interactions of capital controls, financial intermediation and seigniorage in open economies; the optimal design of centralized banks of issue by sovereign countries; and some new aspects of the 'optimal currency area' question. The empirical papers provide new evidence and interpretation of inflation experience across Europe and the attitudes of European central bankers about inflation and unemployment. The historical papers describe the experience of currency unification in Germany and Italy in the 19th century and the creation of the US Federal Reserve System. The volume concludes with a panel discussion on the feasibility of European monetary unification, featuring leading academics and central bankers.

Table of Contents

List of figures
List of tables
List of conference participants
1 Does Europe need its own central bankMarcello de Cecco and Alberto Giovannini
2 Monetary policy, capital controls and seigniorage in an open economyAllan Drazen
DiscussionGuillermo A. Calvo and Marco Pagano
3 Seigniorage in EuropeVittorio Grilli
DiscussionRudiger Dornbusch and Luigi Spaventa
Overview of chapters 2 and 3Michael Bruno and Edmund S. Phelps
4 Factor mobility, uncertainty and exchange rate regimesGiuseppe Bertola
DiscussionWilliam H. Branson and Fiorella Padoa Schioppa and Alan C. Stockman
5 Management of a common currencyAlessandra Casella and Jonathan Feinstein
DiscussionTorsten Persson and Guido Tabellini
6 The tastes of European central bankersCarlo Carraro
DiscussionJohn Flemming and Alberto Giovannini
7 The costs and benefits of a European currencyDaniel Cohen
DiscussionAlberto Alesina and Charles Wyplosz
8 The monetary unification process in nineteenth-century Germany: relevance and lessons for Europe todayCarl-Ludwig Holtrerich
DiscussionRichard Portes
9 The establishment of a central bank: Italy in the nineteenth centuryValeria Sannucci
DiscussionCharles Goodhart and Gianni Toniolo
10 The founding of the Fed and the destabilization of the post-1914 US economyJeffrey A. Miron
DiscussionMarcello de Cecco and Barry Eichengreen
11 Panel discussion on the prospects for a European Central BankRainer S. Masera and Wolfgang Rieke and Massimo Russo and Niels Thygesen

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