|
|
Article: Are small countries too powerful within the ECB?(European Union European Central Bank)
- Article from:
- Atlantic Economic Journal
- Article date:
- September 1, 2002
- Author:
CopyrightCOPYRIGHT 2002 Atlantic Economic Society. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Introduction
For the first time since the Roman Empire, a large portion of Europe shares a common currency since the beginning of 1999. After 50 years the Deutsche Bundesbank, the central bank that ruled European monetary affairs, stepped down to entrust monetary policy to the European Central Bank (ECB). Since the start of the Economic and Monetary Union (EMU) in Europe, the ECB has determined monetary policy in Europe. Like the other 11 national central banks in the euro area, the Bundesbank is part of the European System of Central Banks (ESCB).
Various critics of EMU raised concerns that a common monetary policy may be undermined due to diverging ...