Central Banking Governance in the European Union: A Comparative Analysis

Filling the gap that exists in the academic literature on the politics and public policy aspects of central banking in Europe, this book conducts a theoretically-informed and empirically-grounded analysis of central banking governance before and after the establishment of the Economic and Monetary Union (EMU). Lucia Quaglia explores the multi-faceted character of central banks as: public policy institutions involved in economic governance; specialized bureaucracies (or technocracies); and sui generis political actors. This book has three specific objectives: conducts a systematic comparative analysis of central banking governance at the national level before EMU, focusing on the institutional framework in which national central banks operated, their core policies and distinctive roles provides an in-depth and comprehensive analysis of the institutional framework and policies of the European Central Bank (ECB), addressing the mainissues related to the effectiveness, responsiveness and legitimacy of this supranational multi-level institution and comparing it with national central banks before EMU, or with those outside the Eurozone, but in the European System of Central Banks (ESCB) sheds new light onto the role and influence of the national central banks in the EMU framework, their interaction with the ECB and their 'adaptation' to EMU.