ISBN is

9780712680707 / 0712680705

Bank, The: Birth of Europe's Central Bank and the Rebirth of Europe's Power

by

Publisher:CENTURY

Edition:Hardcover

Language:English

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About the book:

In the March/April 1999 edition of Foreign Affair, Princeton University political scientists Sheri Berman and Kathleen R. McNamara called the European Central Bank (ECB) "sinister" for its almost "complete freedom from democratic oversight and control". This echoed the criticism made by many others over the alleged secrecy of the ECB, one of the two most powerful financial institutions in the world. Matt Marshall, former Bonn correspondent for the Wall Street Journal Europe, makes no such critical conclusions in his book The Bank: The Birth of Europe's Central Bank and the Rebirth of Europe's Power. He was given access to some of the bank's top-level executives while researching the book and emerged convinced that publication of Europe's first supernational institution's council minutes is still not possible without the danger of creating national jealousies and serious inter-European conflict. He comes to this conclusion by first explaining the history of the ECB's creation, summarising the Dutch, German and French positions and the principal protagonists. He then outlines the controversy surrounding the appointment of the bank's president Wim Duisenberg and introduces other aspects of the bank as it started operations in June 1998. He also summarises the bank's main responsibilities and the reasons behind the bank's monetary policy strategy and its first interest rate cut. Concluding a final speculative chapter on likely "second wave" ECB entrants (with a focus on Britain), he writes that Europe will become a strengthened pillar within the Atlantic hegemony during the 21st century.

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