Central Banking Governance in the European Union: A Comparative Analysis (Routledge/UACES Contemporary European Studies)

This book fills a gap in academic literature on the politics and public policy aspects of central banking in Europe, by conducting a theoretically-informed and empirically-grounded analysis of central banking governance before and after the establishment of the Economic and Monetary Union (EMU). The main framework for analysis is a ‘multi-level institutionalist approach’, articulated on three interconnected levels: the ‘systemic-level’, which encompasses the European, transnational and international arenas; the ‘national-level’, which considers the configuration of the domestic socio-economic and political environment in which each central bank operates; and the ‘micro-institutional level’, which deals with the specific features of each central bank. Methodologically, the research engages in a structure-focused comparison, using qualitative methods. In order to do so, it conceptually develops and empirically applies the notion of ‘mode’ of central banking governance, operationalised through four main components: * the legal framework * central bank ‘autonomy’ (or de facto independence) from the political authorities * central bank ‘policy capacity’ in three policy areas that are crucial for central banking governance, namely monetary and exchange rate policies, financial regulation and supervision * central bank legitimacy. Empirically, this monograph focuses on the Bank of England, the Bundesbank, the Banca d'Italia and the ECB over the period 1979 to present, with particular attention paid to the last decade. It is grounded in in-depth and extensive primary research, enriched by interviews with policy-makers. __Central Banking Governance in the European Union__ will be of interest to students and researchers of Politics, Economics and Political Economy. Filling the gap that exists in the academic literature on the politics and public policy aspects of central banking in Europe, this book conducts a theoretically-informed and empirically-grounded analysis of central banking governance before and after the establishment of the Economic and Monetary Union (EMU). Lucia Quaglia explores the multi-faceted character of central banks as: public policy institutions involved in economic governance; specialized bureaucracies (or technocracies); and, sui generis political actors.; This book has three specific objectives: conducts a systematic comparative analysis of central banking governance at the national level before EMU, focusing on the institutional framework in which national central banks operated, their core policies and distinctive roles; provides an in-depth and comprehensive analysis of the institutional framework and policies of the European Central Bank (ECB), addressing the main issues related to the effectiveness, responsiveness and legitimacy of this supranational multi-level institution and comparing it with national central banks before EMU, or with those outside the Eurozone, but in the European System of Central Banks (ESCB); and, sheds new light onto the role and influence of the national central banks in the EMU framework, their interaction with the ECB and their 'adaptation' to EMU Book Cover......Page 1 Title......Page 4 Copyright......Page 5 Contents......Page 6 Tables......Page 7 Acknowledgements......Page 8 Abbreviations......Page 10 1 Introduction: Central banking governance in the European Union......Page 12 2 The Bank of England: An old lady with new clothing......Page 28 3 The Bundesbank: The central bank that ‘ruled Europe’......Page 58 4 The Banca d’Italia: Quis custodiet ipsos custodes?......Page 87 5 The European Central Bank: A new experiment in central banking......Page 117 6 Conclusions: A comparative assessment of central banking governance in the EU......Page 156 Notes......Page 173 Bibliography......Page 179 Index......Page 200 Introduction : Central Banking Governance In The European Union -- The Bank Of England : An Old Lady With New Clothing -- The Bundesbank : The Bank That 'ruled Europe' -- The Banca D' Italia : Quis Costodiet Ipsos Custodes? -- The European Central Bank : A New Experiment In Central Banking -- Conclusion : A Comparative Assessment Of Central Banking Governance. Lucia Quaglia. Includes Bibliographical References (p. [168]-188) And Index. "Empirically, this monograph focuses on the Bank of England, the Bundesbank, the Banca d'Italia and the ECB over the period 1979 to present, with particular attention paid to the last decade. It is grounded in extensive primary research, enriched by interviews with policy-makers." "Central Banking Governance in the European Union will be of interest to students and researchers of Politics, Economics and Political Economy."--BOOK JACKET