Why Democracy is Essential to Monetary Stability

The article points out that monetary stability does not hinge upon formal central bank independence. The reason is that the legislator can easily restrict that independence by changing the law. Because the EU council as the true legislator does not face effective supervision by the citizens it is likely that it will behave as a leviathan.

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Year of publication:	1997
Authors:	Homburg, Stefan
Published in:	The European Journal. - London : The European Foundation, ISSN 1351-6620. - 1997, p. 13
Publisher:	The European Foundation
Subject:	Eurozone \| Euro \| EMU

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Type of publication:	Article
Type of publication (narrower categories):	Article
Language:	English
Other identifiers:	789965348 [GVK] hdl:10419/93250 [Handle] RePEc:zbw:espost:93250 [RePEc]
Classification:	E42 - Monetary Systems; Standards; Regimes; Government and the Monetary System
Source:	EconStor

Persistent link: https://www.econbiz.de/10010333197