Chapter

The Battle Between ECOFIN‐11 and the European Central Bank: A Strategic Interaction Perspective

Miriam L. Campanella

in The State of the European Union

Published in print December 2000 | ISBN: 9780198297574
Published online November 2003 | e-ISBN: 9780191598982 | DOI: http://dx.doi.org/10.1093/0198297572.003.0006
The Battle Between ECOFIN‐11 and the European Central Bank: A Strategic Interaction Perspective

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This chapter examines the conflict between the European Central Bank (ECB) and Council of Ministers and the Economic and Finance Ministers of the eleven countries taking part in the common currency (ECOFIN-11). The theoretical game of chicken is used to highlight the preferences of the two parties and ensuing dynamics. It is shown that the ECB’s commitment to its institutional objective counters political authorities’ attempts to gain fiscal dominance over monetary policy.

Keywords: European Central Bank; council of ministers; monetary policy

Chapter.  6771 words.  Illustrated.

Subjects: European Union

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