Conclusion: the ECB and the Future of Europe

Abstract

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.

… the unification of Europe has been, and continues to be, a ‘work in progress’. The introduction of the euro and the establishment of the European Central Bank form an intrinsic part of this constant evolution. In fact, the dynamics inherent in Economic and Monetary Union suggest that the euro might become a powerful catalyst for further integration. Our job at the ECB is to contribute to making the euro a lasting success. In this way the euro will bring benefits to an enlarged EU and beyond.

Wim Duisenberg, President of the ECB¹⁵³