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Title: 貨幣価値安定をいかに制度化するか:ユーロの模索
Other Titles: Institutional Aspects of Stability-Oriented Monetary Policy of the European Central Bank
Authors: 松永, 達
Authors (alternative): Matsunaga, Tatsushi
Issue Date: 25-Jun-2002
Publisher: 長崎大学経済学会
Citation: 経営と経済, 82(1), pp.23-45; 2002
Abstract: This paper argues that the European Central Bank, the newly established monetary authority to assume the responsibility of the stabilisation of the value of the euro, emulates the organisational structure and the procedure to conduct monetary policy of the Bundesbank, but lacks in the institutional underpinnings which the Bundesbank enjoyed in pursuing its renowned commitment to keep the value of the mark stable. The ECB proclaims a la Bundesbank the priority to win confidence in its policy from people to keep the inflation expectation low and hence to accomplish the policy goal. However, the ECB has to seek the new way to win the confidence from market or abstract individuals, as far as the euro area as a whole is devoid of the institutional background as collective wage bargaining system or well-organised trade union which had propped up the reputed stability of the mark.
Keywords: The European Central Bank / single monetary policy / euro
URI: http://hdl.handle.net/10069/29269
ISSN: 02869101
Type: Departmental Bulletin Paper
Text Version: publisher
Appears in Collections:Volume 82 No. 1

Citable URI : http://hdl.handle.net/10069/29269

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