Central Bank Independence and the Future of the Euro

Häftad, Engelska, 2019

Av Panicos Demetriades, Professor Panicos (University of Leicester) Demetriades

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Over the past decade central banks have taken on new and expanded roles in an attempt to manage the global financial crisis. The European Central Bank (ECB) has been no exception. If anything, because of the incomplete architecture of the euro, the ECB has faced more serious challenges than either the Bank of England or the Federal Reserve. With the onset of the euro crisis, the ECB was forced to take on powers that went well beyond the conventions of standard monetary policy to prevent European Monetary Union from unravelling.Panicos Demetriades, former Governor of the Central Bank of Cyprus during the country's bailout in 2013, examines the role of the ECB and its adoption of these new powers, which have led to legal and political challenges, high level resignations and the controversial removal of central bankers from their posts without due process. Demetriades argues that at a time when stability and action are needed to secure the future of the euro, the very foundations of the Euro-system are being eroded, namely its ability to act independently. The book provides a lively and insightful account of the processes that can make or break the euro.

Produktinformation

Utgivningsdatum2019-10-24
Mått138 x 216 x 12 mm
Vikt208 g
FormatHäftad
SpråkEngelska
SerieComparative Political Economy
Antal sidor160
FörlagAgenda Publishing
ISBN9781788211543

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Ekonomisk politik inom Ekonomi och ledarskap

Panicos Demetriades is Professor of Financial Economics at the University of Leicester. Between May 2012 and April 2014, he served as Governor of the Central Bank of Cyprus and a member of the Governing Council of the European Central Bank. As Governor of the Central Bank of Cyprus, he oversaw a major restructuring and recapitalization of the Cypriot banking system and participated in discussions that led to the establishment of the Single Supervisory Mechanism in the euro area. His insights into the banking crisis in Cyprus have been published as Diary of the Euro Crisis in Cyprus: Lessons for Bank Recovery and Resolution (2017).

Drawing on his extraordinary professional experience, Demetriades discusses the value and curse of central banking. While the author argues in favour of central bank independence, he does not fail to address the challenge to central banks' legitimacy resulting from the latest period of crisis management. This book offers a comprehensive analysis of what might appear an irreconcilable duality in central banking between independence and legitimacy.