This study investigates the evolution of central bank profits as fiscal revenue - or: seigniorage - before and in the aftermath of the global financial crisis of 2008/9. Focusing on a select group of central banks, namely: the Bank of England, United States Federal Reserve System, Bank of Japan,...

The European Central Bank (ECB) is a special, even unique central bank. It is a central bank without a treasury by its side or a state behind it, just as the euro, Europe's common currency that the ECB is tasked with guarding, is a 'denationalised' currency. The euro area is a rare exception to...

The stability-oriented macroeconomic framework established in the Maastricht and Amsterdam Treaties on European Union (TEU), especially the unparalleled status of independence and peculiar mandate of the European Central Bank (ECB), were promised to virtually guarantee price stability and a...