TY - BOOK ID - 103616034 TI - The European Central Bank and the European macroeconomic constitution : from ensuring stability to fighting crises PY - 2022 SN - 1108488749 1108771750 1108809421 1108804004 PB - Cambridge, United Kingdom ; New York, NY : Cambridge University Press, DB - UniCat KW - Economic policy. KW - European Central Bank. KW - Economic nationalism KW - Economic planning KW - National planning KW - State planning KW - Economics KW - Planning KW - National security KW - Social policy KW - ECB KW - Banque centrale européenne KW - BCE KW - Banco Central Europeo KW - Banca centrale europea KW - Europäische Zentralbank KW - EZB KW - Európska centrálna banka KW - Economic constitution KW - European Union countries KW - Banks and banking, Central KW - Law and legislation KW - Economic aspects UR - https://www.unicat.be/uniCat?func=search&query=sysid:103616034 AB - The book is about money, central banking and constitutions. It explains how the European Central Bank was established to ensure stability and prosperity for the euro area. The ECB was guided and controlled by a coherent European Macroeconomic Constitution. However, this model has failed during recurring crises, and the ECB has started to act as the euro area fire brigade. Consequently, it is pushing the boundaries of monetary policy, and with that challenging the accountability mechanisms and fundamentally also the democratic legitimacy of the EMU. The book sheds light on this complex economic-constitutional setting with a view on the future. The imbalance between various new operations and a single price stability objective is difficult to remedy. New objectives of financial stability, economic adjustment and environmental sustainability can cause fundamental ruptures between the ECB's formal role and its actions, and they also dangerously overburden monetary policy moving forward with substantial risks. ER -