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“The European Central Bank Between the Financial Crisis and Populisms” (2020), [Book] with Mara Monti, Claudia Wiesner, Sebastian Diessner, Palgrave McMillan/Springer (185 pages, PREFACE by Paul De Grauwe)
Related posts [Book Review by Lorenzo Codogno] [IlSole24Ore]
The European Central Bank Between the Financial Crisis and Populisms
The European Central Bank Between the Financial Crisis and Populisms
In light of the handover from the European Central Bank President Mario Draghi to Christine Lagarde in November 2019, this book provides an in-depth analysis of the events which unfolded since the euro area sovereign debt crisis in 2010 up until today. The book focuses on the far-reaching implications of the last decade, shedding light on a wide spectrum of political, economic and financial aspects of the European poly-crises and how monetary policy reacted to these challenges. The book places particular emphasis on the tensions that the supranational central bank was subject to during this period, and on their outcomes in terms of the policies, their legitimacy, and their public reception. As such, this book will be relevant not only to understand the political implications of the past crisis but also, and foremost, in understanding "what is next".
Commentaries
Commentaries
The issues of legitimacy of the ECB are serious and have many dimensions. These different dimensions are scrutinized in a clear and incisive way by the authors of this important book. In addition, the authors link this issue of legitimacy to the popular support of the ECB. All this provides for a novel and creative analysis of the main problems of legitimacy and popular support that the ECB has faced in the past and will continue to face in the future. For anybody interested in these issues this is the best book available.
—Paul De Grauwe, John Paulson Chair in European Political Economy, London School of Economics and Political Science, UK
The authors have taken a clear, hard look at the far-reaching political consequences of the unprecedented, quasi-fiscal monetary policies adopted by the ECB to manage the impact of the Global Financial Crisis. This book is essential reading for anyone interested in better understanding the roots of the populist and sovereigntist threats to the legitimacy of the European Union institutions and the independence of the ECB.
—Dante Roscini, Professor of Management Practice, Harvard Business School and co-Chair of the European Economic Policy Forum, Harvard University, USA
The ECB has at times acted as the de facto fiscal authority of last resort for the euro area, and therefore as the existential guarantor of the European project: its economic sovereign. How that plays into politics won’t be known for a while, but you should read this book to think about how unelected power has become central for hundreds of millions of people.
—Sir Paul Tucker, Chair of the Systemic Risk Council, a fellow at Harvard Kennedy School, and author of Unelected Power: The Quest for Legitimacy in Central Banking and the Regulatory State
The relationship between populism and Central Bank independence is of fundamental importance today. This fascinating book is essential reading for those scholars and policy-makers that want to better understand this relationship not just in Europe, but across the world.
—Nauro F. Campos, Professor of Economics, University College London (UCL), and Director, UCL Centre for Comparative Economics, London, UK
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