Edinburgh Research Archive logo

Edinburgh Research Archive

University of Edinburgh homecrest
View Item 
  •   ERA Home
  • Social and Political Sciences, School of
  • Politics
  • Politics publications
  • View Item
  •   ERA Home
  • Social and Political Sciences, School of
  • Politics
  • Politics publications
  • View Item
  • Login
JavaScript is disabled for your browser. Some features of this site may not work without it.

Running an enlarged euro-zone – reforming the European Central Bank: Efficiency, legitimacy and national economic interest

View/Open
Howarth final.doc (144Kb)
Date
12/2007
Author
Howarth, D.
Metadata
Show full item record
Abstract
This article analyses the December 2002 reform of decision making in the European Central Bank’s (ECB) Governing Council in terms of national economy size reflected in the bargaining power of the ECB Governing Council members and member state macroeconomic interest. The National Central Bank (NCB) governors of the largest member states were concerned about the impact upon ECB monetary policy making of equal representation being extended to future member states. By eliminating equal voting rights, the reform distorts the meaning of equality, representativeness and ad personam participation as guiding principles of ECB decision making, moving from equal member state representation towards an emphasis placed upon Euro-zone economy representation. At the same time, two possible concerns watered down efforts to modify ‘representativeness’ and prevent enlargement contributing to inefficiency in Governing Council decision making. First, the current smaller member state NCB governors opposed a significant reduction of their ‘voice’ in ECB monetary policy making. Second, legitimacy concerns ensured persistent support for the maintenance of a large and ‘decentralised’ Governing Council.
URI
http://dx.doi.org/10.1080/09692290701642713

10.1080/09692290701642713

http://hdl.handle.net/1842/3067
Collections
  • Politics publications

Library & University Collections HomeUniversity of Edinburgh Information Services Home
Privacy & Cookies | Takedown Policy | Accessibility | Contact
Privacy & Cookies
Takedown Policy
Accessibility
Contact
feed RSS Feeds

RSS Feed not available for this page

 

 

All of ERACommunities & CollectionsBy Issue DateAuthorsTitlesSubjectsPublication TypeSponsorSupervisorsThis CollectionBy Issue DateAuthorsTitlesSubjectsPublication TypeSponsorSupervisors
LoginRegister

Library & University Collections HomeUniversity of Edinburgh Information Services Home
Privacy & Cookies | Takedown Policy | Accessibility | Contact
Privacy & Cookies
Takedown Policy
Accessibility
Contact
feed RSS Feeds

RSS Feed not available for this page