On the efficiency-legitimacy trade-off in EMU

Detalhes bibliográficos
Autor(a) principal: Torres, Francisco
Data de Publicação: 2007
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/1822/7192
Resumo: Forthcoming in F. Torres, A. Verdun, and H. Zimmermann, EMU Rules: The Political and Economic Consequences of European Monetary Integration, Baden-Baden: Nomos Verlagsgesellschaft I wish to thank Svetlozar Andreev, Stefano Bartolini, Annette Bongardt, Alessandra Chirico, Paul De Grauwe, Erik Jones, Philippe Schmitter, Suzanne Schüttemeyer, Amy Verdun, Neil Walker, Helen Wallace, Chiara Zilioli, Hubert Zimmermann and participants at the EUI conference and ECB seminar for very useful comments on earlier versions of this paper. Of course, all remaining errors and shortcomings are my sole responsibility.
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spelling On the efficiency-legitimacy trade-off in EMUEconomic and Monetary UnionMonetary policy delegationEfficiency and legitimacyAccountabilityResponsivenessPrincipal-agent relationsGovernanceForthcoming in F. Torres, A. Verdun, and H. Zimmermann, EMU Rules: The Political and Economic Consequences of European Monetary Integration, Baden-Baden: Nomos Verlagsgesellschaft I wish to thank Svetlozar Andreev, Stefano Bartolini, Annette Bongardt, Alessandra Chirico, Paul De Grauwe, Erik Jones, Philippe Schmitter, Suzanne Schüttemeyer, Amy Verdun, Neil Walker, Helen Wallace, Chiara Zilioli, Hubert Zimmermann and participants at the EUI conference and ECB seminar for very useful comments on earlier versions of this paper. Of course, all remaining errors and shortcomings are my sole responsibility.This paper addresses the question whether the process of European monetary integration implies efficiency-legitimacy trade-off. The paper considers that the process of monetary policy delegation to the European Central Bank (ECB), ratified by all European Union (EU) parliaments, was a non-zero-sum game, increasing both the efficiency and the legitimacy of monetary policy in the eurozone. There was however a change in the nature of delegation: the initial principal (EU national governments and/or parliaments) delegated to the agent (the ECB) control over its behaviour in regard to monetary policy. The paper distinguishes two types of constraints for monetary policy: credibility constraints and political constraints. The change in the nature of delegation of monetary policy (tying the hands of the principal) was a means of dealing with credibility constraints. The paper goes on investigating whether, and if so to what extent, the European Parliament (EP) is fit to function as a principal of the ECB as a means of dealing with political constraints. Thus, the paper analyses the European Parliament’s increased involvement in overseeing the Central Bank’s activities, aiming at understanding whether and how that new and special role (an informal institution of dialogue) could affect the trade-off between efficiency and legitimacy in the conduct of monetary policy in the eurozone.This paper is part of an FCT research project on Economic Growth, Convergence and Institutions (research grant POCI/EGE/55423/2004, partially funded by FEDER).Universidade do Minho. Núcleo de Investigação em Políticas Económicas (NIPE)Universidade do MinhoTorres, Francisco20072007-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/1822/7192engNIPE Working Paper series; 22info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-07-21T12:09:12Zoai:repositorium.sdum.uminho.pt:1822/7192Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T19:00:33.145627Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv On the efficiency-legitimacy trade-off in EMU
title On the efficiency-legitimacy trade-off in EMU
spellingShingle On the efficiency-legitimacy trade-off in EMU
Torres, Francisco
Economic and Monetary Union
Monetary policy delegation
Efficiency and legitimacy
Accountability
Responsiveness
Principal-agent relations
Governance
title_short On the efficiency-legitimacy trade-off in EMU
title_full On the efficiency-legitimacy trade-off in EMU
title_fullStr On the efficiency-legitimacy trade-off in EMU
title_full_unstemmed On the efficiency-legitimacy trade-off in EMU
title_sort On the efficiency-legitimacy trade-off in EMU
author Torres, Francisco
author_facet Torres, Francisco
author_role author
dc.contributor.none.fl_str_mv Universidade do Minho
dc.contributor.author.fl_str_mv Torres, Francisco
dc.subject.por.fl_str_mv Economic and Monetary Union
Monetary policy delegation
Efficiency and legitimacy
Accountability
Responsiveness
Principal-agent relations
Governance
topic Economic and Monetary Union
Monetary policy delegation
Efficiency and legitimacy
Accountability
Responsiveness
Principal-agent relations
Governance
description Forthcoming in F. Torres, A. Verdun, and H. Zimmermann, EMU Rules: The Political and Economic Consequences of European Monetary Integration, Baden-Baden: Nomos Verlagsgesellschaft I wish to thank Svetlozar Andreev, Stefano Bartolini, Annette Bongardt, Alessandra Chirico, Paul De Grauwe, Erik Jones, Philippe Schmitter, Suzanne Schüttemeyer, Amy Verdun, Neil Walker, Helen Wallace, Chiara Zilioli, Hubert Zimmermann and participants at the EUI conference and ECB seminar for very useful comments on earlier versions of this paper. Of course, all remaining errors and shortcomings are my sole responsibility.
publishDate 2007
dc.date.none.fl_str_mv 2007
2007-01-01T00:00:00Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/1822/7192
url http://hdl.handle.net/1822/7192
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv NIPE Working Paper series; 22
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Universidade do Minho. Núcleo de Investigação em Políticas Económicas (NIPE)
publisher.none.fl_str_mv Universidade do Minho. Núcleo de Investigação em Políticas Económicas (NIPE)
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
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instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
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collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
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