Central banks in European emerging market economies in the 1990s

This paper analyzes the institutional framework of central banks in ten Central and East European countries using the ECB as benchmark. It looks at the legislated objectives of these central banks, assesses the degree of political and functional independence and the status of their democratic legiti...

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Bibliographic Details
Published inPSL quarterly review Vol. 53; no. 212
Main Authors Eduard Hochreiter, Tadeusz Kowalski
Format Journal Article
LanguageEnglish
Published Associazione Economia civile 01.05.2013
Subjects
1990s
Central banks
Europe
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Summary:This paper analyzes the institutional framework of central banks in ten Central and East European countries using the ECB as benchmark. It looks at the legislated objectives of these central banks, assesses the degree of political and functional independence and the status of their democratic legitimization and accountability. We find that while much progress has been made in making the statutes "Maastricht compatible," all of them will have to be adapted once again before EMU entry. The legislation provides for democratic accountability comparable to that of the ESCB. In recent years the enacted limitations of fiscal financing have become more binding. Rescue operations in the financial sector might be seen as encroaching the independence of the central bank.   JEL Codes: P24, E58, N24
ISSN:2037-3635
2037-3643
DOI:10.13133/2037-3643/10344