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The State of the European UnionRisks, Reform, Resistance, and Revival$
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Maria Green Cowles and Michael Smith

Print publication date: 2000

Print ISBN-13: 9780198297574

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198297572.001.0001

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The Battle Between ECOFIN‐11 and the European Central Bank: A Strategic Interaction Perspective

The Battle Between ECOFIN‐11 and the European Central Bank: A Strategic Interaction Perspective

Chapter:
(p.110) 6 The Battle Between ECOFIN‐11 and the European Central Bank: A Strategic Interaction Perspective
Source:
The State of the European Union
Author(s):

Miriam L. Campanella

Publisher:
Oxford University Press
DOI:10.1093/0198297572.003.0006

This chapter examines the conflict between the European Central Bank (ECB) and Council of Ministers and the Economic and Finance Ministers of the eleven countries taking part in the common currency (ECOFIN-11). The theoretical game of chicken is used to highlight the preferences of the two parties and ensuing dynamics. It is shown that the ECB’s commitment to its institutional objective counters political authorities’ attempts to gain fiscal dominance over monetary policy.

Keywords:   European Central Bank, council of ministers, monetary policy

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