The European Central Bank. The new European leviathan?

Book abstract:

The aim of this book is to provide a detailed analysis of the institutional structure and operation of the European Central Bank (ECB) and through this analysis bring about a wider understanding of its important role in the future development of Europe.

The work is organised over seven chapters. The background to the creation of the ECB, its structure, independence and current operation are covered in chapter one. The gradual emergence of European monetary authority and the development of European Monetary Union are addressed in the second chapter. The attitudes of the three major powers in the European Union - Germany, France and Britain - towards European monetary authority are explored in chapter three. The focus of chapter four is the European System of Central Banks and the interaction of the ECB with other EU institutions. Chapter five examines the political independence of the ECB and the extent to which that makes the ECB unaccountable and a major factor in the 'democratic deficit'. The ECB in action is the focus of chapter six, which traces the monetary steps of the institution from July 1998 through the launch of the Euro in 2002, and provides commentary on interest rate debates, exchange rate politics and the role of ECOFIN. Chapter seven by way of conclusion draws out the earlier arguments and offers some signposts as to the way forward.

The work will interest scholars, students, researchers and economists engaged in the fields of European politics, political sciences, economics and particularly European monetary politics.

David Howarth is Lecturer in European Politics at Queen Mary College, University of London.

Peter Loedel is Associate Professor and Chair of the Department of Political Science at West Chester University, Pennsylvania.