Europeanization, Convergence, and Power
The age of the euro has cast central banks in a newly prominent role in European integration and in macro-economic policy making in Europe. This book examines the effects of the euro as the new European single currency on the central banks of the member states of the European Union.
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 Monetary Union 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 book brings 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 of power? 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 Australasian central 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.
1. The Age of the Euro: A Structural Break? Europeanization, Power and Convergence in Central Banking; PART I: THE CHANGING CONTEXT OF CENTRAL BANKING; 2. 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 Directoire; 3. The European Central Bank: The Bank That Rules Europe?; PART II: EUROSYSTEM 'INSIDER' CENTRAL BANKS; 4. National Banks of Belgium and of the Netherlands: Gaining Power; 5. Bank of France: The Challenge of Escaping Politicization; 6. German Bundesbank: Europeanization and the Paradoxes of Power; 7. Bank of Greece: Latecomer, Uphill Adjustment; 8. Bank of Italy: Between Europeanization and Globalization; PART III: 'TEMPORARY' OUTSIDERS: PACE SETTERS AND LAGGARDS; 9. Estonia, Hungary and Slovenia: Banking on Identity; 10. 10. Czech Republic and Poland: The Limits of Europeanization; PART IV: 'SEMI-PERMANENT' OUTSIDERS; 11. Bank of England: Learning to Live with the Euro; 12. Denmark and Sweden: Networking by Euro-Outsiders; PART V: LESSONS FROM NON-EUROPEAN CENTRAL BANKS; 13. The Political Economy of Central Bank Credibility and Legitimacy in Australia and New Zealand; 14. The US Federal Reserve and the Politics of Monetary and Financial Regulatory Policies; PART VI: CONVERGENCE AND DIVERGENCE; 15. Financial Supervision: Internationalization, Europeanization and Power; 16. Monetary Policy Strategies; 17. 'Scientization' of Central Banking: The Politics of A-Politicization; 18. Transparency and Accountability