Open issues in European central banking

by Lorenzo Bini Smaghi

"Since 1 January 1999, monetary policy for 11 member countries of the EU is determined by the Eurosystem which consists of the European Central Bank (ECB) and the National Central Banks (NCB) of the countries in the Eurozone. Is this sufficient to enable European Monetary Union to succeed?". "The authors' analysis suggests that the centre of this system, the ECB, has not yet been given sufficient power of resources to become a full central bank and that, in addition, the responsibility for financial stability has not been clearly defined. They propose concrete solutions to these and other problems."--BOOK JACKET.