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Making the ECB the central bank of a non-federal coalition of states

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  • Mario Tonveronachi

    (University of Siena and Tallinn University of Technology)

Abstract

The recent crisis has shown that the inconsistent design of the Euro area had previously produced financial convergence, not integration. The crisis increased fragmentation thus further exposing the limits of the single monetary policy. The absence of a common fiscal authority impedes the birth of a single European financial market, which being at the centre of the European project would require financial operators to refer to a single risk-free yield curve. The recent reforms and the proposals contained in the report of the five presidents do not mark significant progresses towards making the overall design consistent with the production of the internal single financial market. We propose that by issuing debt certificates encompassing the entire maturity spectrum the European Central Bank might provide for a single risk-free yield curve. We show that the proposal is fully consistent with the current ECB’s mandate and does not require any treaty revision.

Suggested Citation

  • Mario Tonveronachi, 2015. "Making the ECB the central bank of a non-federal coalition of states," PSL Quarterly Review, Economia civile, vol. 68(273), pages 91-114.
    • Handle: RePEc:psl:pslqrr:2015:21
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    File URL: http://ojs.uniroma1.it/index.php/PSLQuarterlyReview/article/view/13156/12975
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    References listed on IDEAS

    as
    1. Marcella Corsi, 2007. "Thinking of Sylos Labini (or Sylos Labini's Thinking)," Review of Political Economy, Taylor & Francis Journals, vol. 19(4), pages 555-562.
    2. P. Sylos Labini, 1999. "The employment issue: investment, flexibility and the competition of developing countries," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 52(210), pages 257-280.
    3. Franco Modigliani & Jean Paul Fitoussi & Beniamino Moro & Denis Snower & Robert Solo & Alfred Steinherr & Paolo Sylos Labini, 1999. "An Economist’s Manifesto on Unemployment in the European Union," Journal of Income Distribution, Ad libros publications inc., vol. 8(2), pages 1-1, December.
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    5. Franco Modigliani, 2014. "A letter to Sylos Labini," PSL Quarterly Review, Economia civile, vol. 67(270), pages 283-307.
    6. Paolo Sylos Labini, 2005. "Franco Modigliani e l’oligopolio," Moneta e Credito, Economia civile, vol. 58(230-231), pages 43-50.
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    9. Paolo Sylos Labini, 2003. "Le prospettive dell'economia mondiale," Moneta e Credito, Economia civile, vol. 56(223), pages 267-294.
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    Cited by:

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    More about this item

    Keywords

    euro; European Central Bank; yield curve;
    All these keywords.

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F45 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Macroeconomic Issues of Monetary Unions

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