Titlebook: Open Issues in European Central Banking; Lorenzo Bini Smaghi,Daniel Gros Book 2000 Palgrave Macmillan, a division of Macmillan Publishers

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3 X 2 Concrete Proposals for Strengthening the Eurosystem,on whose foundations are still weak. Our analysis suggests that reforms are required in several areas. We summarize them here under six concrete proposals. These recommendations should be seen as a stimulus for further discussion. We do not pretend to offer a solution to all the problems. Neverthele

PARA

Are European Central Banks Over-Capitalized?,tral bank money, a rare commodity used by the financial sector to clear its daily position in the money market. The conduct of monetary policy has a direct effect on the balance sheet of both the banking system and the central bank.

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happiness

https://doi.org/10.1057/9780333981887bank; banking; European Central Bank; Japan; monetary policy; monetary union

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Who Takes Care of Financial Stability in Europe?,Financial stability is a fundamental requisite for sustainable economic growth. It is at least as important, if not more so, than price stability. Without financial stability, economic activity and price stability may be at risk, as shown by the 1929 crisis or more recently, by the repercussions following the 1997–98 crisis in the Asian markets.

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,How can the Eurosystem become (and remain) independent? …,A large body of literature has emerged in recent years on the importance of central bank independence.. This literature has influenced greatly the design of the European Central Bank and has given rise to institutional changes in several countries aimed at making their central banks independent.

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,… and Accountable?,The previous chapter suggested that, in spite of several threats, the European Central Bank might be one of the most independent central banks in the world. Such an unprecedented degree of independence is considered by some, however, as a cause for concern unless it is accompanied by adequate accountability.