Conclusion: the ECB and the Future of Europe

  • David Howarth
  • Peter Loedel


The primary objective of this book was to provide a theoretically and historically rich study of the institutional structure and operation of the ECB. In doing so, we have highlighted the historical transformation toward EMU, the institutional set-up of the ECB, and the bank’s independence. We have also evaluated the monetary interests and preferences of key EU member states — Germany, France and the United Kingdom — toward EMU and the ECB. Finally, we briefly analysed the short history of ECB policy-making with a focus on the overarching credibility of the ECB.


Monetary Policy European Central Bank Exchange Rate Policy Federal Open Market Committee Governing Council 
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Copyright information

© Palgrave Macmillan, a division of Macmillan Publishers Limited 2005

Authors and Affiliations

  • David Howarth
    • 1
  • Peter Loedel
    • 2
  1. 1.The School of Social and Political StudiesUniversity of EdinburghUK
  2. 2.Department of Political ScienceWest Chester UniversityUSA

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