Lossani, Marco; Natale, Piergiovanna; Tirelli, Patrizio - Volkswirtschaftliche Fakultät, … - 1999
Maastricht Treaty spells out precisely the role of the European Central Bank (ECB) and NCBs within the European System of Central … financial stability is concerned. In an area like EMU with a high degree of financial and economic integration, the actions … externalities across jurisdictions. The present institutional design does not allow EMU to benefit from the internalization of these …