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On Central Banks’ Payment Systems within Unions

In: Dollars, Euros, and Debt

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  • Vito Tanzi

Abstract

While Feldstein gave a lot of importance to the labor market, stressing that Europe’s was not a single market, and to the role of fiscal rules and of the existence of a central fiscal authority in the US, he ignored, or downplayed, other factors that might also be important. One of these is the specific arrangements that exist, within the US and within the EMU, that make it possible for private banks, located in different states within the US, or in different countries within the EMU, to have financial relations between them and to move funds from one part of the union to another part. These arrangements may be influenced by financial crises, which may reduce the trust that banks have in each other, and affect the normal relations that exist between them in normal times. They may also influence the way crises develop over time.

Suggested Citation

  • Vito Tanzi, 2013. "On Central Banks’ Payment Systems within Unions," Palgrave Macmillan Books, in: Dollars, Euros, and Debt, chapter 12, pages 117-132, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-34647-6_12
    DOI: 10.1057/9781137346476_12
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