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The Euro Crisis and Its Aftermath$
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Jean Pisani-Ferry

Print publication date: 2014

Print ISBN-13: 9780199993338

Published to Oxford Scholarship Online: May 2014

DOI: 10.1093/acprof:oso/9780199993338.001.0001

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The Walls of Frankfurt

The Walls of Frankfurt

Chapter:
(p.26) Chapter 3 The Walls of Frankfurt
Source:
The Euro Crisis and Its Aftermath
Author(s):

Jean Pisani-Ferry

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199993338.003.0003

The European Central Bank (ECB) was established with the Maastricht Treaty, which in 1992 laid down the institutional foundations of European Union monetary union. The architects of the euro essentially decided to model the ECB on the German Bundesbank, an acknowledgement of the operational and intellectual dominance of Germany’s model of monetary policy. Upon Germany’s insistence, the institution that emerged from the Maastricht negotiations was made into one of the most independent monetary institutions in the world. The Maastricht architecture was also equipped with a budgetary discipline pillar, again upon Germany’s insistence. However, as the Greek, Irish and Spanish crises made clear, the Stability Pact suffered from severe design flaws, and euro-area members made the transition to the euro without realizing what responsibilities participation in a monetary union entails.

Keywords:   European Central Bank, Maastricht Treaty, European Union, monetary union, euro, Bundesbank, Germany, monetary policy, budgetary deficits, interest rates, Stability Pact

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