The Politics of Central Banks (Routledge Advances in by Robert Elgie, Helen Thompson

By Robert Elgie, Helen Thompson

This ebook is a research of energy. specifically, it's a research of governmental energy in Britain and France. Its concentration is the altering courting among the govt and the primary financial institution within the international locations, and it examines the politics of this courting because the time while the financial institution of britain and the financial institution of France have been first created. The e-book starts via contemplating the difficulty of governmental keep watch over as a rule. It then specializes in financial coverage making, and asks what has been the function of governments during this sector and what freedom have imperative banks loved? After an in depth historic research of this factor in Britain and France, the authors finish by way of contemplating the most probably function of the ecu primary financial institution.

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Extra resources for The Politics of Central Banks (Routledge Advances in International Relations and Politics, 7)

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For example, the President appoints the members of the Board of Governors of the Federal Reserve System (the equivalent of the Bundesbank’s Directorate), including the chair and vice-chair, subject to Senate ratification. By extension, therefore, the President also appoints a majority of the members of the bank’s main decision-making body, the Federal Open Market Committee (the equivalent of the Bundesbank’s Central Bank Council). However, appointments to the Board of Governors are staggered; they are made for a non-renewable fourteen-year term and there is security of tenure, although the chair and vice-chair are only appointed for a renewable four-year term.

Outside the war-dominated public realm the Bank was virtually a free agent, operating as a private joint-stock commercial organisation, trading and seeking profit on its own capital resources. Although Parliament had a clear interest in the creation and maintenance of a reliable bank of issue and used its authority to give the Bank a near monopoly of note issue in 1709, it was quite prepared to let the Bank manage its own commercial and monetary affairs and issue paper money on its own terms (see Bowen 1995).

Persistent disagreements of this sort led Woolley (1994:63) to conclude that, as yet, there is ‘no ability to say that some institutional features are necessary or sufficient for behavioral independence’, and Bénassy and Pisani-Ferry (1994:83) to state that: ‘la mesure de l’indépendance d’une banque centrale est loin d’être une science exacte! )’. In fact, these disagreements simply demonstrate that the choice of indicators is the result of an essentially subjective process. As Eijffinger and Schaling (1993:51) note: ‘there is no non-arbitrary way of choosing criteria’.

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