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Managing Europe’s Money: the Organization, Powers and Functions of the ECB

In: The European Central Bank

Author

Listed:
  • David Howarth

    (University of Edinburgh)

  • Peter Loedel

    (West Chester University)

Abstract

The aim of this chapter is to provide a brief overview of the organization — including voting procedures — powers and functions of the ECB and the organization of the ESCB. We also take the opportunity to explore some of the main issues of concern and debate regarding the operation of the ECB and its relationship with other institutions, although we discuss the larger issues of the bank’s independence and problematic legitimacy in the following chapter. Despite the ECB’s statutory independence, our ‘Leviathan’ must operate as part of a constantly developing and controversial EMU ‘regime’ that has a substantial impact on the bank’s activities. One issue of debate concerns the role of the ECB over prudential supervision. The ECB argues in favour of transferring control over prudential supervision to NCBs on the grounds that, as part of the Eurosystem, the NCBs are more likely to be effective supervisors of banks which operate in an EU-wide/international market. We also examine the developing and often unclear role of the ECB in the context of four levels of coordination.

Suggested Citation

  • David Howarth & Peter Loedel, 2005. "Managing Europe’s Money: the Organization, Powers and Functions of the ECB," Palgrave Macmillan Books, in: The European Central Bank, edition 0, chapter 4, pages 87-116, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-50310-6_4
    DOI: 10.1057/9780230503106_4
    as

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