Central Banking Governance in the European Union: A Comparative Analysis, 1st Edition (Paperback) book cover

Central Banking Governance in the European Union

A Comparative Analysis, 1st Edition

By Lucia Quaglia


198 pages

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This book fills a gap in academic literature on the politics and public policy aspects of central banking in Europe, by conducting a theoretically-informed and empirically-grounded analysis of central banking governance before and after the establishment of the Economic and Monetary Union (EMU).

The main framework for analysis is a ‘multi-level institutionalist approach’, articulated on three interconnected levels: the ‘systemic-level’, which encompasses the European, transnational and international arenas; the ‘national-level’, which considers the configuration of the domestic socio-economic and political environment in which each central bank operates; and the ‘micro-institutional level’, which deals with the specific features of each central bank.

Methodologically, the research engages in a structure-focused comparison, using qualitative methods. In order to do so, it conceptually develops and empirically applies the notion of ‘mode’ of central banking governance, operationalised through four main components:

  • the legal framework
  • central bank ‘autonomy’ (or de facto independence) from the political authorities
  • central bank ‘policy capacity’ in three policy areas that are crucial for central banking governance, namely monetary and exchange rate policies, financial regulation and supervision
  • central bank legitimacy.

Empirically, this monograph focuses on the Bank of England, the Bundesbank, the Banca d'Italia and the ECB over the period 1979 to present, with particular attention paid to the last decade. It is grounded in in-depth and extensive primary research, enriched by interviews with policy-makers.

Central Banking Governance in the European Union will be of interest to students and researchers of Politics, Economics and Political Economy.

Table of Contents

1. Introduction: Central Banking Governance in the European Union 2. The Bank of England: An Old Lady with New Clothing 3. The Bundesbank: The Bank that 'Ruled Europe' 4. The Banca d' Italia: Quis Costodiet Ipsos Custodes? 5. The European Central Bank: A New Experiment in Central Banking 6. Conclusion: A Comparative Assessment of Central Banking Governance

About the Author

Lucia Quaglia is Senior Lecturer in Politics and Contemporary European Studies at the Sussex European Institute, University of Sussex, UK.

About the Series

Routledge/UACES Contemporary European Studies

The Contemporary European Studies Series is an outlet for the publication of first-rate research in European Union Studies. The series primarily publishes research monographs but will also consider proposals for research-driven and thematic edited volumes. Although predominantly a Politics/IR and Law series, the series editors are keen to encourage approaches that are interdisciplinary. CES seeks to publish excellent material from both established and new scholars.

Learn more…

Subject Categories

BISAC Subject Codes/Headings:
POLITICAL SCIENCE / International Relations / General