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Essay / Research Paper Abstract
European Monetary Union (EMU) depends on the success fo the European Central Bank (ECB) to manage the economy of Europe. The ECB is based on the Model of the German Bundesbank that as able to successfully manage the German economy in the second half of the twentieth century, avoiding or reducing many of the economic problem seen by other countries. This 17 page paper considers how, now that the Bundesbank is only a branch within the ECB, if the ECB will be able to follow the same model. To assess this the paper looks at the development, culture and values of the Bundesbank from the post World War Two period to explain a deep culture and a different approach to economic management which may be difficult to transfer. The bibliography cites 25 sources.
Page Count:
17 pages (~225 words per page)
File: TS14_TEbundesECB.rtf
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Unformatted sample text from the term paper:
responsible for setting monetary policy and providing conditions that will facilitate price stability. The European Central Bank (ECB) is the successor to the Bundesbank, however, there are many differences between
this larger and newer central bank when compared to the older Bundesbank which had a good track record for managing the economy and creating price stability. The question that how
remains to be seen concerns the way the ECB will, or will not, manage to fulfil the same function as successfully for European as the Bundesbank was for Germany. The
Bundesbank has not disappeared, but in 1998 became a branch within the ECB, this is a role of less influence (Dickhaus, 1998), the branch has the responsibility of everyday prudential
regulation, and also has the ability to make cash injections if there is a crisis (Europe Intelligence wire, 2002). In reality, this has lessened the impact to the control of
money printing and leaves issues of monetary policy to the ECB (Europe Intelligence wire, 2002, Dickhaus, 1998). This has led to concerns that the bank will not have the same
level of success. To understand the relationship and access the potential of the ECB to perform the same task with the same professional and achievement as the Bundesbank we
need to understand the Bundesbank. and the development that lead t the success seen in the last few decades, as it is experience and culture within the bank that have
been key to the way policy has been determined and acted upon. The German Bundesbank cam to prominence following the second world war and the gradual development in response
to the political and economic climate and became a leading light for many other European Banks. It was even believed at one
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