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Decentralization and Accountability within the Central Bank: Any Lessons from the US Experience for the Potential Organization of a European Central Banking Institution?

In: The ECU and European Monetary Integration

Author

Listed:
  • Niels Thygesen
  • Jean-Jacques Rey

Abstract

Reference is occasionally made in official reports, e.g. in the Werner Report and in proposals by individual economists on the future development of European monetary integration, to the experience with central banking in the United States as a possible model for a European central banking structure. The purpose of the present short note is to review some features of the evolution of the decision-making process in the Federal Reserve System that appear relevant from a European perspective. It seems more instructive to look at the experience of an existing federal banking system which has evolved over the past 75 years than to start from more abstract notions of how such a system might be designed. The analogy may seem relevant only in an advanced state of integration where there is already one common currency, but that is, in the author’s view, incorrect. Some of the analogies are relevant already in the present state with separate national currencies.

Suggested Citation

  • Niels Thygesen & Jean-Jacques Rey, 1989. "Decentralization and Accountability within the Central Bank: Any Lessons from the US Experience for the Potential Organization of a European Central Banking Institution?," Palgrave Macmillan Books, in: Paul Grauwe & Theo Peeters (ed.), The ECU and European Monetary Integration, chapter 4, pages 91-118, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-19518-3_4
    DOI: 10.1007/978-1-349-19518-3_4
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    Cited by:

    1. David Cobham, 1989. "Strategies for Monetary Integration Revisited," Journal of Common Market Studies, Wiley Blackwell, vol. 27(3), pages 203-218, March.
    2. Helge Berger, 2006. "Optimal central bank design: Benchmarks for the ECB," The Review of International Organizations, Springer, vol. 1(3), pages 207-235, September.

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