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The role of national central banks within the European System of Central Banks: The example of De Nederlandsche Bank

Author

Listed:
  • Nout Wellink

    (De Nederlandsche Bank)

  • Bryan Chapple

    (De Nederlandsche Bank)

  • Philipp Maier

    (De Nederlandsche Bank)

Abstract

This paper considers the position of national central banks within the ESCB. The funda-mental framework underlying the ESCB is that of a system of central banks in which component institutions are individually and collectively responsible for carrying out vari-ous tasks. Within this framework, we evaluate the current division of labour between the ECB and NCBs using the concept of efficiency (which subsumes cost- consciousness as well as effectiveness), along with that of subsidiarity. In contrast to most of the existing literature, the focus is not exclusively on monetary policy, but takes into account a broader array of tasks performed by central banks. Taking a long-run perspective, it is ar-gued that while some tasks are likely to be centralised, fundamental changes in the role of NCBs in the ESCB are linked to further political integration within Europe and the devel- opment of supranational institutions in other policy areas.

Suggested Citation

  • Nout Wellink & Bryan Chapple & Philipp Maier, 2002. "The role of national central banks within the European System of Central Banks: The example of De Nederlandsche Bank," Macroeconomics 0207006, University Library of Munich, Germany.
    • Handle: RePEc:wpa:wuwpma:0207006
    Note: Type of Document - PDF; prepared on PC; pages: 20; figures: included
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    References listed on IDEAS

    as
    1. Yunus Aksoy & Paul De Grauwe & Hans Dewachter, 2014. "Do Asymmetries Matter for European Monetary Policy?," World Scientific Book Chapters, in: Exchange Rates and Global Financial Policies, chapter 13, pages 321-353, World Scientific Publishing Co. Pte. Ltd..
    2. Helge Berger & Jakob Haan, 2002. "Are small countries too powerful within the ECB?," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 30(3), pages 263-282, September.
    3. Willem H. Buiter, 1999. "Alice in Euroland," Journal of Common Market Studies, Wiley Blackwell, vol. 37(2), pages 181-209, June.
    4. Stanley Fischer, 1995. "Modern Approaches to Central Banking," NBER Working Papers 5064, National Bureau of Economic Research, Inc.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Jorge E. Galán and & Miguel Sarmiento, 2008. "Banknote Printing at Modern central Banking: Trends, Costs and Efficiency," Money Affairs, CEMLA, vol. 0(2), pages 217-262, July-Dece.
    2. Guillermo Vuletin, 2008. "What is the Size of the Pie? Measuring the Informal Economy in Latin America and the Caribbean," Money Affairs, CEMLA, vol. 0(2), pages 161-191, July-Dece.
    3. Robert-Paul Berben & Beata Bierut & Philipp Maier, 2012. "The role of regional information in the optimal composition of a committee," Economics Bulletin, AccessEcon, vol. 32(1), pages 510-517.
    4. Yan Sun & Rupa Duttagupta, 2008. "Price Dynamics in the Eastern Caribbean," Money Affairs, CEMLA, vol. 0(2), pages 193-216, July-Dece.
    5. Odean B. White, 2008. "Determinants of Commercial Banks’ Cost of Financial Intermediation in Jamaica: a Maximum Likelihood Estimation Approach," Money Affairs, CEMLA, vol. 0(2), pages 129-159, July-Dece.
    6. Philipp Maier, 2007. "Monetary Policy Committees in Action: Is There Room for Improvement?," Staff Working Papers 07-6, Bank of Canada.

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    More about this item

    Keywords

    NCB; ECB; EMU;
    All these keywords.

    JEL classification:

    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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