Central Bank Challenges in the Global Economy
EUROPEAN YEARBOOK OF INTERNATIONAL ECONOMIC LAW 2, pp. 19-42, C. Herrmann and J.P. Terhechte, eds., Springer-Verlag Berlin Heidelberg 2011
24 Pages Posted: 12 Jan 2011
Date Written: January 1, 2011
Abstract
This legal contribution reflects on the changing role of central banks in the global economy by observing three interconnected developments: globalization, regionalization and the global financial crisis. The hypothesis at the outset is that these developments which are to a considerable extent beyond the sphere of influence of any one central bank or indeed national government can have a decisive impact on the (constitutional) legal position of central banks and their foremost task, as it is currently understood, that is the conduct of monetary policy.
The contribution offers a panoramic view of selected issues linked to the institutional position and main monetary policy task(s) of central banks. As such it does not aim at an all inclusive legal and or economic analysis of all tasks that are or odd to be associated with central banking.
Keywords: Central bank, monetary policy, interest rate policy, global economic crisis. global financial crisis, globalization, regionalization, financial market reform
JEL Classification: E4''8 E43, E44, 5''8 E52, E58, F4''8 K1''8 K2''8 L50
Suggested Citation: Suggested Citation