By Michael D. Bordo, Barry Eichengreen
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Additional resources for A Retrospective on the Bretton Woods system
The Eurogroup, likewise, fell short as a forum for fostering an exchange of views between ﬁnance ministers and the ECB, but not because of its informal working methods. If anything, it was the gradual formalization of this body during EMU’s ﬁrst decade that undermined its dialogue by politicizing the relationship between the Presidents of the Eurogroup and ECB and fuelling bureaucratic tensions with the European Council. Overall, EMU’s future may be clouded in uncertainty by the global ﬁnancial crisis, but that of its decentralized approach to economic policy is not.
That] makes the world “identify” Europe and helps Europeans to identify with Europe’. While public statements such as 24 The ECB as a Reluctant EU Institution these, and there are many to choose from, are suggestive of support for European integration in general, the ECB has been less enthusiastic about speciﬁc plans for strengthening the Community dimension of EMU. This section looks at four episodes in the ECB’s evolution as a political actor that bring home this point. 1 Anti-fraud policy An early glimpse of the ECB’s self-image as a supranational actor came in the unlikely domain of EU anti-fraud policy.
Bureaucratic politics may also have been at play within the European System of Central Banks (ESCB). Quaglia (2009b) emphasizes the decision to allow the Bundesbank, the Banque de France, and the Banca d’Italia to build and operate the single shared platform as being essential for ensuring NCB support for TARGET2. The ECB’s policy on payment systems, she notes, was also consistent with ‘budget-protecting’ behaviour insofar as it allowed NCBs to redeploy ofﬁcials away from areas of monetary policy that are now decided by the ECB.
A Retrospective on the Bretton Woods system by Michael D. Bordo, Barry Eichengreen
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