Unlike just over a decade ago, most economists today agree that institutions matter for the performance of the economy. Institutions in a very broad sense comprise organizations, laws, social norms and habits. In more pragmatic terms, the definition of institution will depend on the purpose of analysis. The comparative political economy approach of the Varieties of Capitalism literature understands institutions as the organizations, laws, social norms and habits that coordinate the behaviour of political-economic actors.
KeywordsMonetary Policy Central Bank European Central Bank European Monetary Union European Monetary
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- North, C.D. (1990) Institutions, Institutional Change, and Economic Performance. Cambridge University Press.Google Scholar