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By D. Howarth, Peter Loedel

David Howarth and Peter Loedel offer a theoretically encouraged account of the construction, layout, and operation of the ecu principal financial institution, (ECB). matters explored comprise the theoretical techniques to the ECB, the antecedents of eu financial authority, different nationwide views on relevant financial institution independence, the advanced association of the financial institution, the problems of responsibility and the tricky first years of the ECB in operation.

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Extra resources for The European Central Bank

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Policy co-ordination – or more often attempts at policy co-ordination – was intensified in the context of the tighter fluctuation margins of the ERM of the EMS, which increased the significance of central bank governor discussions. This was in part due to the creation of a new credit mechanism, the extension of the repayment period of credit supplied under the short-term monetary support mechanism and the enlargement of medium-term financial assistance for this repayment. Moreover, the governors were given additional powers: by unanimous vote, they could decide on the use of ‘debtor rallonges’ to extend additional credit beyond the automatic extension of repayment allowed to debtor countries.

6 The following chapter of this volume examines the history of European monetary authority in terms of the construction of a powerful epistemic community. The fora listed above were not only additional mechanisms for intergovernmental bargaining (see Rosenthal 1975) but also involved policy learning and socialization which were an important driving force for improved policy co-ordination and monetary integration. Given the central importance of the 14 The European Central Bank governors to the success of the EMU negotiations, this would also suggest the importance of this epistemic community to understanding the process leading to the Maastricht Summit.

Acting independently of the French government, the ‘fathers’ of the EMS, former President Giscard d’Estaing former West German Chancellor Schmidt joined forces again to lead the campaign for the establishment of an ECB. In late 1986 they set up the Committee for the Monetary Union in Europe which included former politicians, central and private bankers and academics as members (Dyson 1994). European Monetary Authority in the Prehistory of EMU 35 In 1987, they also encouraged the establishment of the Association for Monetary Union in Europe (AMUE) which included several European large industrial companies as members.

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