Central Bank Independence and the Future of the Euro

The European Central Bank (ECB) has taken on new and expanded roles to manage the global financial crisis, but has faced legal and political challenges and the controversial removal of central bankers from their posts without due process. Panicos Demetriades argues that the foundations of the Euro-system are being eroded, and that stability and action are needed to secure the future of the euro.

\n Format: Paperback / softback
\n Length: 160 pages
\n Publication date: 21 December 2020
\n Publisher: Agenda Publishing
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Over the past decade, central banks have assumed new and expanded roles in their efforts to manage the global financial crisis. The European Central Bank (ECB) has not been an exception to this trend. In fact, due to the incomplete architecture of the euro, the ECB has faced more severe challenges than either the Bank of England or the Federal Reserve. When the euro crisis emerged, the ECB was compelled to assume powers that extended far beyond the traditional boundaries of standard monetary policy in order to prevent the collapse of the European Monetary Union.

Panicos Demetriades, a former Governor of the Central Bank of Cyprus during the country's bailout in 2013, delves into the role of the ECB and its adoption of these new powers. He examines the legal and political challenges that have arisen as a result, as well as the high-level resignations and the controversial removal of central bankers from their posts without due process. Demetriades argues that at a time when stability and decisive action are urgently needed to secure the future of the euro, the very foundations of the Euro-system are being eroded. Specifically, he points out that the ECB's ability to act independently is being undermined.

The book offers a lively and insightful account of the processes that can either strengthen or weaken the euro. It sheds light on the complex dynamics and decision-making processes within the ECB, as well as the broader economic and political factors that have influenced its actions. By examining the ECB's experiences during the euro crisis, the book provides valuable insights into the challenges and opportunities facing the European Union and the global financial system.

\n Weight: 208g\n
Dimension: 137 x 215 x 12 (mm)\n
ISBN-13: 9781788211543\n \n