search query: @author Monticelli, C. / total: 3
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| Author: | Giannini, C. Monticelli, C. |
| Title: | Which TARGET for monetary policy in stage three? Issues in shaping of the European payment system |
| Journal: | Weltwirtschaftliches Archiv
1997 : VOL. 133:4, p. 657-682 |
| Index terms: | MONETARY POLICY EUROPE PAYMENT SYSTEMS |
| Language: | eng |
| Abstract: | The payment system and monetary policy are related in two distinct, but equally compelling ways. First, since the payment system is the backbone of any monetary system, its configuration intertwines with the choice of monetary policy instruments. Secondly, both monetary policy and the functioning of the payment system ultimately rest on the central bank's power to provide final money. Thus, it should come as no surprise that the payment system and the machinery of monetary policy have historically evolved hand in hand. |
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