Jump to ContentJump to Main Navigation
The Euro Crisis and Its Aftermath$
Users without a subscription are not able to see the full content.

Jean Pisani-Ferry

Print publication date: 2014

Print ISBN-13: 9780199993338

Published to Oxford Scholarship Online: May 2014

DOI: 10.1093/acprof:oso/9780199993338.001.0001

Show Summary Details
Page of

PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 23 April 2021

The Walls of Frankfurt

The Walls of Frankfurt

(p.26) Chapter 3 The Walls of Frankfurt
The Euro Crisis and Its Aftermath

Jean Pisani-Ferry

Oxford University Press

The European Central Bank (ECB) was established with the Maastricht Treaty, which in 1992 laid down the institutional foundations of European Union monetary union. The architects of the euro essentially decided to model the ECB on the German Bundesbank, an acknowledgement of the operational and intellectual dominance of Germany’s model of monetary policy. Upon Germany’s insistence, the institution that emerged from the Maastricht negotiations was made into one of the most independent monetary institutions in the world. The Maastricht architecture was also equipped with a budgetary discipline pillar, again upon Germany’s insistence. However, as the Greek, Irish and Spanish crises made clear, the Stability Pact suffered from severe design flaws, and euro-area members made the transition to the euro without realizing what responsibilities participation in a monetary union entails.

Keywords:   European Central Bank, Maastricht Treaty, European Union, monetary union, euro, Bundesbank, Germany, monetary policy, budgetary deficits, interest rates, Stability Pact

Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .