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Organizing Foreign Exchange Intervention in the Euro Area

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  • C. RANDALL HENNING

Abstract

Scholarship on European integration has debated the external character of the monetary union extensively. This article examines the establishment of the institutional arrangements for foreign exchange intervention and the policy‐making surrounding the market operations of autumn 2000 – the only case to date of euro area intervention in currency markets. Drawing on elite interviews of officials in European institutions and international organizations, among other sources, it specifies the division of labour between the European Central Bank, Eurogroup and other European actors. The article concludes that (1) the inter‐institutional understanding within the euro area gives substantial but not complete latitude to the ECB, (2) the understanding is susceptible to renegotiation over time and (3) economic divergence within the euro area could threaten the ability of the monetary union to act coherently externally.

Suggested Citation

  • C. Randall Henning, 2007. "Organizing Foreign Exchange Intervention in the Euro Area," Journal of Common Market Studies, Wiley Blackwell, vol. 45(2), pages 315-342, June.
    • Handle: RePEc:bla:jcmkts:v:45:y:2007:i:2:p:315-342
    DOI: 10.1111/j.1468-5965.2007.00713.x
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    Cited by:

    1. Jean Pisani-Ferry, 2008. "The end of Europe's longstanding indifference to the renminbi," Policy Contributions 263, Bruegel.
    2. Gerard Strange, 2018. "The euro crisis, euro reform, and the problem of hegemony," Asia Europe Journal, Springer, vol. 16(2), pages 125-139, June.

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