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| Author: | Baldwin, R.E. |
| Title: | Eastern enlargement and ECB reform |
| Journal: | Swedish Economic Policy Review
2001 : SPRING, VOL. 8:1, p. 15-50 |
| Index terms: | EUROPEAN UNION CENTRAL BANKS DECISION MAKING MONETARY POLICY |
| Language: | eng |
| Abstract: | The experience to date of the EMU suggests that newcomers will join the monetary union much sooner than generally assumed, perhaps as early as mid-2005 if accession takes place by January 2004. The authors' analysis suggests that enlargement to include five, let alone twelve, new members without reforming the European Central Bank (ECB) would seriously undermine the effectiveness of this critical institution and most likely lead to undesirable policy decisions. Even in the most optimistic view, the status quo bias in ECB decision-making would be strengthened. The outcome, however, could be worse. |
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