The geography of the European central bank

Form, functions and legitimacy

Gordon L. Clark

Research output: Contribution to journalArticleResearchpeer-review

4 Citations (Scopus)

Abstract

In their different ways, the European Central Bank (ECB) and the US Fed combine expertise with representation: key members of these institutions along with their staff are appointed on the basis of their expertise and professional qualifications whereas each organization is conceived, in part, so as to represent the constituent nation-states or regions that make up their currency zones. In this article, the tension between expertise and representation apparent in the constitution of each institution is explored with emphasis on the ways in which geography is represented in monetary policy decision-making. The formal representation of nation-states in the ECB, their voting rights, and the significance or otherwise of large Eurozone countries is also considered. Being an analytical assessment of the effectiveness of the ECB compared with the Fed, the effectiveness of each institution is assessed in the light of financial risk and uncertainty and the complex interplay between monetary policy-making and fiscal federalism. Implications are drawn as regards the management of the Euro crisis has been managed, and the ways in which the welfare of peripheral countries have been discounted.

Original languageEnglish
Pages (from-to)855-881
Number of pages27
JournalJournal of Economic Geography
Volume15
Issue number5
DOIs
Publication statusPublished - 2015

Keywords

  • And nation-states
  • ECB
  • Euro crisis
  • Legitimacy
  • Regions

Cite this

@article{08a8c1bbb10e441fbe2286f8f902dc26,
title = "The geography of the European central bank: Form, functions and legitimacy",
abstract = "In their different ways, the European Central Bank (ECB) and the US Fed combine expertise with representation: key members of these institutions along with their staff are appointed on the basis of their expertise and professional qualifications whereas each organization is conceived, in part, so as to represent the constituent nation-states or regions that make up their currency zones. In this article, the tension between expertise and representation apparent in the constitution of each institution is explored with emphasis on the ways in which geography is represented in monetary policy decision-making. The formal representation of nation-states in the ECB, their voting rights, and the significance or otherwise of large Eurozone countries is also considered. Being an analytical assessment of the effectiveness of the ECB compared with the Fed, the effectiveness of each institution is assessed in the light of financial risk and uncertainty and the complex interplay between monetary policy-making and fiscal federalism. Implications are drawn as regards the management of the Euro crisis has been managed, and the ways in which the welfare of peripheral countries have been discounted.",
keywords = "And nation-states, ECB, Euro crisis, Legitimacy, Regions",
author = "Clark, {Gordon L.}",
year = "2015",
doi = "10.1093/jeg/lbv015",
language = "English",
volume = "15",
pages = "855--881",
journal = "Journal of Economic Geography",
issn = "1468-2702",
publisher = "Oxford University Press",
number = "5",

}

The geography of the European central bank : Form, functions and legitimacy. / Clark, Gordon L.

In: Journal of Economic Geography, Vol. 15, No. 5, 2015, p. 855-881.

Research output: Contribution to journalArticleResearchpeer-review

TY - JOUR

T1 - The geography of the European central bank

T2 - Form, functions and legitimacy

AU - Clark, Gordon L.

PY - 2015

Y1 - 2015

N2 - In their different ways, the European Central Bank (ECB) and the US Fed combine expertise with representation: key members of these institutions along with their staff are appointed on the basis of their expertise and professional qualifications whereas each organization is conceived, in part, so as to represent the constituent nation-states or regions that make up their currency zones. In this article, the tension between expertise and representation apparent in the constitution of each institution is explored with emphasis on the ways in which geography is represented in monetary policy decision-making. The formal representation of nation-states in the ECB, their voting rights, and the significance or otherwise of large Eurozone countries is also considered. Being an analytical assessment of the effectiveness of the ECB compared with the Fed, the effectiveness of each institution is assessed in the light of financial risk and uncertainty and the complex interplay between monetary policy-making and fiscal federalism. Implications are drawn as regards the management of the Euro crisis has been managed, and the ways in which the welfare of peripheral countries have been discounted.

AB - In their different ways, the European Central Bank (ECB) and the US Fed combine expertise with representation: key members of these institutions along with their staff are appointed on the basis of their expertise and professional qualifications whereas each organization is conceived, in part, so as to represent the constituent nation-states or regions that make up their currency zones. In this article, the tension between expertise and representation apparent in the constitution of each institution is explored with emphasis on the ways in which geography is represented in monetary policy decision-making. The formal representation of nation-states in the ECB, their voting rights, and the significance or otherwise of large Eurozone countries is also considered. Being an analytical assessment of the effectiveness of the ECB compared with the Fed, the effectiveness of each institution is assessed in the light of financial risk and uncertainty and the complex interplay between monetary policy-making and fiscal federalism. Implications are drawn as regards the management of the Euro crisis has been managed, and the ways in which the welfare of peripheral countries have been discounted.

KW - And nation-states

KW - ECB

KW - Euro crisis

KW - Legitimacy

KW - Regions

UR - http://www.scopus.com/inward/record.url?scp=84940845170&partnerID=8YFLogxK

U2 - 10.1093/jeg/lbv015

DO - 10.1093/jeg/lbv015

M3 - Article

VL - 15

SP - 855

EP - 881

JO - Journal of Economic Geography

JF - Journal of Economic Geography

SN - 1468-2702

IS - 5

ER -