Central Banks in the Age of the Euro: Europeanization, Convergence, and Power

Hardcover | August 22, 2009

EditorKenneth Dyson, Martin Marcussen

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Both studies of political power and Europeanization studies have tended to neglect central banks. As the age of the euro reaches its 10th anniversary, it is timely to reflect on what it means for central banks, which have been at the forefront of the establishment of Economic and MonetaryUnion in the European Union. Central banks have been caught up in a major historic political project. What does it mean for them? What does the age of the euro tell us about the power of central banks, their Europeanization and whether they are coming to resemble each other more closely? This bookbrings together a range of recognized academic specialists to examine the main political aspects of this question. How, and in what ways, has the euro Europeanized central banks (members and non-members of the Euro Area)? What have been its effects on the power of central banks and their use ofpower? Has the euro generated convergence or divergence in central banking? The book offers the first, in-depth and systematic political analysis of central banks in the first decade of the euro. It places the euro in its global and European contexts, including the US Fed and the Australasiancentral banks, patterns of differentiated integration in European central banking, and the European Central Bank. It offers a set of case studies of its effects on a representative sample of EU central banks (euro 'insiders' and 'outsiders') and looks at four main thematic areas (monetary policy,financial market supervision, accountability and transparency, and research). The book contributes to Europeanization studies, comparative political economy, and studies of Economic and Monetary Union. It will be of major interest to students of the European Union and European integration,comparative European politics, and area and 'country' studies. More generally, it will interest all those interested in central banking and their pivotal and problematic position between politics and markets.

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Both studies of political power and Europeanization studies have tended to neglect central banks. As the age of the euro reaches its 10th anniversary, it is timely to reflect on what it means for central banks, which have been at the forefront of the establishment of Economic and MonetaryUnion in the European Union. Central banks have ...

Professor Kenneth Dyson is Research Professor in European Politics in the School of European Studies, Cardiff University, Wales. He is a Fellow of the British Academy; an Academician of the Learned Societies of the Social Sciences; and a Fellow of the Royal Historical Society. He was awarded the German Federal Service Cross (first cla...

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Format:HardcoverDimensions:384 pagesPublished:August 22, 2009Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199218234

ISBN - 13:9780199218233

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Table of Contents

1. Kenneth Dyson: The Age of the Euro: A Structural Break? Europeanization, Power and Convergence in Central BankingPart I: The Changing Context of Central Banking2. Gaby Umbach and Wolfgang Wessels: 2. Differentiation in the European System of Central Banks: Circles, Core, and Directoire 2. Differentiation in the European System of Central Banks: Circles, Core, and Directoire3. David Howarth: The European Central Bank: The Bank That Rules Europe?Part II: Eurosystem 'Insider' Central Banks4. Ivo Maes and Amy Verdun: National Banks of Belgium and of the Netherlands: Gaining Power5. David Howarth: Bank of France: The Challenge of Escaping Politicization6. Kenneth Dyson: German Bundesbank: Europeanization and the Paradoxes of Power7. George Pagoulatos: Bank of Greece: Latecomer, Uphill Adjustment8. Lucia Quaglia: Bank of Italy: Between Europeanization and GlobalizationPart III: 'Temporary' Outsiders: Pace Setters and Laggards9. Bela Greskovits: Estonia, Hungary and Slovenia: Banking on Identity10. Rachel Epstein and Juliet Johnson: 10. Czech Republic and Poland: The Limits of EuropeanizationPart IV: 'Semi-Permanent' Outsiders11. Charles Goodhart: Bank of England: Learning to Live with the Euro12. Martin Marcussen: Denmark and Sweden: Networking by Euro-OutsidersPart V: Lessons from Non-European Central Banks13. Chris Eichbaum: The Political Economy of Central Bank Credibility and Legitimacy in Australia and New Zealand14. John Woolley: The US Federal Reserve and the Politics of Monetary and Financial Regulatory PoliciesPart VI: Convergence and Divergence15. Michael Moran and Huw Macartney: Financial Supervision: Internationalization, Europeanization and Power16. Iain Begg: Monetary Policy Strategies17. Martin Marcussen: 'Scientization' of Central Banking: The Politics of A-Politicization18. Nicolas Jabko: Transparency and Accountability