Skip to main content Accessibility help

We use cookies to distinguish you from other users and to provide you with a better experience on our websites. Close this message to accept cookies or find out how to manage your cookie settings.

Close cookie message
×
Hostname: page-component-745bb68f8f-kw2vx Total loading time: 0 Render date: 2025-01-12T18:35:48.215Z Has data issue: false hasContentIssue false

13 - The Politics of Monetary Union and the Democratic Legitimacy of the ECB as a Strategic Actor

from Part II - The Monetary Dimension

Published online by Cambridge University Press:  28 September 2023

By
Sebastian Diessner
Edited by
Dariusz Adamski ,
Fabian Amtenbrink  and
Jakob de Haan
Dariusz Adamski
Affiliation:
University of Wroclaw
Fabian Amtenbrink
Affiliation:
Erasmus Universiteit Rotterdam
Jakob de Haan
Affiliation:
University of Groningen
Get access

Summary

This chapter contends that if we want to make sense of the politics of Europe’s monetary union, we need to focus on the democratic legitimacy of the European Central Bank as a strategic political actor. The chapter departs from common distinctions in the literature between input, output, and throughput legitimacy and instead seeks to analyse how the ECB has navigated these dimensions strategically. To do so, it develops a theory of legitimation strategies based on distinctions between normal and crisis times and between a central bank’s organizational and systemic interests. The theory is assessed through a discussion of the first two decades of ECB monetary policy-making – from the inception of Europe’s Economic and Monetary Union until the outbreak of the COVID-19 crisis – and through a comparison of the ECB’s democratic legitimacy with that of other major central banks.

Type
Chapter
Information
The Cambridge Handbook of European Monetary, Economic and Financial Integration , pp. 237 - 251
Publisher: Cambridge University Press
Print publication year: 2023

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

Adams, R., and Osborn, A. (2001). ECB defends U-turn. The Guardian, 29 May. https://amp.theguardian.com/business/2001/may/29/emu.theeuro.Google Scholar
Adolph, C. (2013). Bankers, Bureaucrats, and Central Bank Politics: The Myth of Neutrality. New York: Cambridge University Press.Google Scholar
Adolph, C. (2018). The missing politics of central banks. PS: Political Science & Politics 51(4), 737–742.Google Scholar
Ainsley, C. (2021). Decentralized central banks: Political ideology and the Federal Reserve system of regional banks. Governance 34(2), 277–294.CrossRefGoogle Scholar
Akbik, A. (2022). The European Parliament as an Accountability Forum: Overseeing the Economic and Monetary Union. Cambridge: Cambridge University Press.Google Scholar
Amtenbrink, F. (1999). The Democratic Accountability of Central Banks: A Comparative Study of the European Central Bank. Oxford: Hart Publishing.Google Scholar
Amtenbrink, F. (2019). The European Central Bank’s intricate independence versus accountability conundrum in the post-crisis governance framework. Maastricht Journal of European and Comparative Law 26(1), 165–179.CrossRefGoogle Scholar
Auer, S., and Scicluna, N. (2021). The impossibility of constitutionalizing emergency Europe. Journal of Common Market Studies 59, 20–31.Google Scholar
Bauer, M. W., and Ege, J. (2016). Bureaucratic autonomy of international organizations’ secretariats. Journal of European Public Policy 23(7), 1019–1037.Google Scholar
Begg, I. (2021). The European Central Bank’s revised monetary policy strategy, LSE EUROPP. https://blogs.lse.ac.uk/europpblog/2021/08/20/the-european-central-banks-revised-monetary-policy-strategy/.Google Scholar
Begg, I. (2023). Completing a Genuine Economic and Monetary Union. Elements in Economics of European Integration. Cambridge: Cambridge University Press.CrossRefGoogle Scholar
Bergbauer, S., Hernborg, N., Jamet, J.-F., and Persson, E. (2020). The reputation of the euro and the European Central Bank: Interlinked or disconnected? Journal of European Public Policy 27(8), 1178–1194.Google Scholar
Berman, S., and McNamara, K. R. (1999). Bank on democracy: Why central banks need public oversight. Foreign Affairs 78(2), 2–8.Google Scholar
Bloomberg (2018). 3 words and $3 trillion: The inside story of how Mario Draghi saved the euro. www.bloomberg.com/news/features/2018-11-27/3-words-and-3-trillion-the-inside-story-of-how-mario-draghi-saved-the-euroGoogle Scholar
Boin, A., ‘t Hart, P., Stern, E., and Sundelius, B. (2005). The Politics of Crisis Management: Public Leadership under Pressure. Cambridge: Cambridge University Press.Google Scholar
Braun, B. (2016). Speaking to the people? Money, trust, and central bank legitimacy in the age of quantitative easing. Review of International Political Economy 23(6), 1064–1092.Google Scholar
Braun, B. (2017). Two Sides of the Same Coin? Independence and Accountability of the European Central Bank. Brussels: Transparency International EU.Google Scholar
Braun, B., Di Carlo, D., Diessner, S., and Düsterhöft, M. (2022). Between governability and legitimacy: The ECB and structural reforms. SocArXiv. https://osf.io/preprints/socarxiv/dp3nv/.Google Scholar
Buiter, W. H. (1999). Alice in Euroland. Journal of Common Market Studies 37(2), 181–209.Google Scholar
Buiter, W. H. (2006). How robust is the new conventional wisdom in monetary policy? The surprising fragility of the theoretical foundations of inflation targeting and central bank independence. CEPR Discussion Paper No. 5772.Google Scholar
Chang, M., and Hodson, D. (2019). Reforming the European Parliament’s monetary and economic dialogues: Creating accountability through a euro area oversight subcommittee. In Costa, O. (ed.), The European Parliament in Times of EU Crisis: Dynamics and Transformations. London: Palgrave Macmillan, pp. 343–364.Google Scholar
Christensen, S. E., and Nedergaard, P. (2023). All along the watch tower: The European Central Bank and legitimation strategies in times of crisis. Journal of Common Market Studies.Google Scholar
Claeys, G., and Domínguez-Jiménez, M. (2020). How can the European Parliament better oversee the European Central Bank? EP Monetary Dialogue Papers, September.Google Scholar
Claeys, G., Hallerberg, M., and Tschekassin, O. (2014). European Central Bank accountability: How the Monetary Dialogue could evolve. Bruegel Policy Contribution. Issue 2014/04.Google Scholar
Cohen-Setton, J., and Vallée, S. (2018). Federalizing a central bank: A comparative study of the early years of the Federal Reserve and the European Central Bank. In Kirkegaard, J. F. and Posen, A. S. (eds.), Lessons for EU Integration from US History. Washington, DC: Peterson Institute for International Economics, pp. 108–142.Google Scholar
Collignon, S., and Diessner, S. (2016). The ECB’s monetary dialogue with the European Parliament: Efficiency and accountability during the euro crisis? Journal of Common Market Studies 54(6), 1296–1312.Google Scholar
Curtin, D. (2017). Accountable independence of the European Central Bank: Seeing the logics of transparency. European Law Journal 23(1–2), 28–44.Google Scholar
Dawson, M., and Maricut-Akbik, A. (2021). Accountability in the EU’s para-regulatory state: The case of the Economic and Monetary Union. Regulation & Governance 17(1), 142–157.Google Scholar
Debelle, G., and Fischer, S. (1994). How independent should a central bank be? Federal Reserve Bank of San Francisco Working Papers in Applied Economic Theory, 94-05.Google Scholar
De Boer, N., and van ‘t Klooster, J. (2020). The ECB, the courts and the issue of democratic legitimacy after Weiss. Common Market Law Review 57(6), 1689–1724.Google Scholar
De Grauwe, P. (2011). The governance of a fragile eurozone. CEPS Working Document, 346.Google Scholar
De Grauwe, P. (2020). Economics of Monetary Union, 13th ed. Oxford: Oxford University Press.Google Scholar
De Haan, J., and Eijffinger, S. C. W. (2000). The democratic accountability of the European Central Bank: A comment on two fairy-tales. Journal of Common Market Studies 38(3), 393–407.Google Scholar
De Haan, J., Amtenbrink, F., and Waller, S. (2004). The transparency and credibility of the European Central Bank. Journal of Common Market Studies 42(4), 775–794.Google Scholar
Diessner, S. (2018). The spectre of central bankruptcy in Europe and Japan: Towards a political economy of central bank capital. SASE 30th Annual Meeting, 23–25 June.Google Scholar
Diessner, S. (2019). Essays in the political economy of central banking. PhD Dissertation, London School of Economics and Political Science.Google Scholar
Diessner, S. (2022). The promises and pitfalls of the ECB’s ‘legitimacy-as-accountability’ towards the European Parliament post-crisis. Journal of Legislative Studies 28(3), 402–420.Google Scholar
Diessner, S., and Genschel, P. (2021). The ECB during the COVID-19 and eurozone crises: Supranational agency, de-commitment, and principal loss. Unpublished manuscript.Google Scholar
Diessner, S., and Lisi, G. (2020). Masters of the ‘Masters of the Universe’? Monetary, fiscal and financial dominance in the eurozone. Socio-Economic Review 18(2), 315–335.Google Scholar
Dietsch, P. (2020). Independent agencies, distribution, and legitimacy: The case of central banks. American Political Science Review 114(2), 591–595.CrossRefGoogle Scholar
Dietsch, P., Claveau, F., and Fontan, C. (2018). Do Central Banks Serve the People? Cambridge: Polity Press.Google Scholar
Draghi, M. (2012). Verbatim of the Remarks by Mario Draghi at the Global Investment Conference, London, 26 July. www.ecb.europa.eu/press/key/date/2012/html/sp120726.en.htmlGoogle Scholar
Duisenberg, W. (1999). Introductory statement at the European Parliament, Strasbourg, 26 October.Google Scholar
Dyson, K. (2013). Sworn to grim necessity? Imperfections of European economic governance, normative political theory, and supreme emergency. Journal of European Integration 35(3), 207–222.Google Scholar
ECB (2021). Accountability. www.ecb.europa.eu/ecb/orga/accountability/html/index.en.htmlGoogle Scholar
Eichengreen, B. (1990). Is Europe an optimal currency area? CEPR Discussion Paper No. 478.Google Scholar
Ehrmann, M., and Wabitsch, A. (2021). Central bank communication with non-experts: A road to nowhere? ECB Working Paper No. 2594.Google Scholar
Enderlein, E., and Verdun, A. (2009). EMU’s teenage challenge: What have we learned and can we predict from political science? Journal of European Public Policy 16(4), 490–507.Google Scholar
Ferrara, F. M. (2020). The battle of ideas on the euro crisis: Evidence from ECB intermeeting speeches. Journal of European Public Policy 27(10), 1463–1486.Google Scholar
Fraccaroli, N., Giovannini, A., and Jamet, J.-F. (2018). The evolution of the ECB’s accountability practices during the crisis. ECB Economic Bulletin, Issue 5/2018.Google Scholar
Franchino, F. (2007). The Powers of the Union: Delegation in the EU. Cambridge: Cambridge University Press.Google Scholar
Gardt, M., Angino, S., Mee, S., and Glöckler, G. (2021). ECB communication with the wider public. ECB Economic Bulletin, Issue 8/2021.Google Scholar
Genschel, P., and Tesche, T. (2020). Supranational agents as de-commitment devices: The ECB during the eurozone crisis. ACES Research Paper No. 2020/02.Google Scholar
Goodhart, C. A. E. (1998). The two concepts of money: Implications for the analysis of optimal currency areas. European Journal of Political Economy 14(3), 407–432.Google Scholar
Heidebrecht, S. (2015). Wie transparent ist die Europäische Zentralbank? Eine international vergleichende Betrachtung vor dem Hintergrund der weitreichenden Neuerungen zum Januar 2015. Zeitschrift für Politikwissenschaft 25(4), 501–526.Google Scholar
Heldt, E. C., and Müller, T. (2021) The (self-)empowerment of the European Central Bank during the sovereign debt crisis. Journal of European Integration 43(1), 83–98.Google Scholar
Henning, C. R. (2016). The ECB as a strategic actor: Central banking in a politically fragmented monetary union. In Caporaso, J. A. and Rhodes, M. (eds.), The Political and Economic Dynamics of the Eurozone Crisis. Oxford: Oxford University Press, pp. 167–199.Google Scholar
Hix, S., Noury, A., and Roland, G. (2007). Democratic Politics in the European Parliament. Cambridge: Cambridge University Press.Google Scholar
Hix, S., Noury, A., and Roland, G. (2019). Changing political cleavages in advanced democracies: Evidence from the European Parliament. Unpublished manuscript.Google Scholar
Hodson, D. (2011). Governing the Euro Area in Good Times and Bad. Oxford: Oxford University Press.Google Scholar
Hopkin, J. (2020). Anti-System Politics: The Crisis of Market Liberalism in Rich Democracies. Oxford: Oxford University Press.Google Scholar
Hooghe, L., and Marks, G. (2009). A postfunctionalist theory of European integration: From permissive consensus to constraining dissensus. British Journal of Political Science 39(1), 1–23.Google Scholar
Howarth, D. (2004). The ECB and the Stability Pact: Policeman and judge? Journal of European Public Policy 11(5), 832–853.Google Scholar
Issing, O. (1999). The Eurosystem: Transparent and accountable or ‘Willem in Euroland’. Journal of Common Market Studies 37(2), 503–519.Google Scholar
Iversen, T., and Soskice, D. (2013). A structural-institutional explanation of the eurozone crisis. Unpublished manuscript.Google Scholar
Jones, E. (2009). Output legitimacy and the Global Financial Crisis: Perceptions matter. Journal of Common Market Studies 47(5), 1085–1105.CrossRefGoogle Scholar
Jones, E. (2019). Do central bankers dream of political union? From epistemic community to common identity. Comparative European Politics 17(4), 530–547.Google Scholar
Jourdan, S., and Diessner, S. (2019). From Dialogue to Scrutiny: Strengthening the Parliamentary Oversight of the European Central Bank. Brussels: Positive Money Europe.Google Scholar
Kentikelenis, A. (2018). The social aftermath of economic disaster: Karl Polanyi, counter-movements in action, and the Greek crisis. Socio-Economic Review 16(1), 39–59.Google Scholar
Kirshner, J. (2003). The inescapable politics of money. In Kirshner, J. (ed.), Monetary Orders: Ambiguous Economics, Ubiquitous Politics. Ithaca, NY: Cornell University Press, pp. 3–24.Google Scholar
Klein, S. (2021). Democracy against proceduralism. LPE Project. https://lpeproject.org/blog/democracy-against-proceduralism/Google Scholar
Krugman, P. (1993). Lessons of Massachusetts for EMU. In Torres, F. and Giavazzi, F. (eds.), Adjustment and Growth in the European Monetary Union, Cambridge: Cambridge University Press, pp. 241–261.Google Scholar
Lagarde, C. (2020). Twitter, @Lagarde. twitter.com/lagarde/status/1240414918966480896Google Scholar
Lohmann, S. (2003). Why do institutions matter? An audience-cost theory of institutional commitment. Governance 16(1), 95–110.Google Scholar
Lokdam, H. (2019). Banking on sovereignty: A genealogy of the European Central Bank’s independence. PhD Dissertation, London School of Economics and Political Science.Google Scholar
Lokdam, H. (2020). ‘We serve the people of Europe’: Reimagining the ECB’s political master in the wake of its emergency politics. Journal of Common Market Studies 58(4), 978–998.Google Scholar
Lütz, S., Hilgers, S., and Schneider, S. (2019). Accountants, Europeanists and monetary guardians: Bureaucratic cultures and conflicts in IMF-EU lending programs, Review of International Political Economy 26(6), 1187–1210.Google Scholar
Mabbett, D., and Schelkle, W. (2019). Independent or lonely? Central banking in crisis. Review of International Political Economy 26(3), 436–460.Google Scholar
Macchiarelli, C., Gerba, E., and Diessner, S. (2019). The ECB’s unfinished business: Challenges ahead for EMU monetary and fiscal policy architecture. Note for the European Parliament’s Committee on Economic and Monetary Affairs, PE 638.423.Google Scholar
Macchiarelli, C., Monti, M., Wiesner, C., and Diessner, S. (2020a). The European Central Bank between the Financial Crisis and Populisms. Cham: Palgrave Macmillan.Google Scholar
Macchiarelli, C., Monti, M., Wiesner, C., and Diessner, S. (2020b). The growing challenge of legitimacy amid central bank independence. In The European Central Bank between the Financial Crisis and Populisms. Cham: Palgrave Macmillan, pp. 103–121.Google Scholar
Macchiarelli, C., Monti, M., Wiesner, C., and Diessner, S. (2020c). How popular has the ECB been? Popularity, protest, and populism post-crisis. In The European Central Bank between the Financial Crisis and Populisms. Cham: Palgrave Macmillan, pp. 123–143.Google Scholar
Mair, P. (2011). Bini Smaghi vs. the parties: Representative government and institutional constraints. EUI Working Paper, RSCAS 2011/22.Google Scholar
Majone, G. (1999). The regulatory state and its legitimacy problems. West European Politics 22(1), 1–24.CrossRefGoogle Scholar
Markakis, M. (2020). Accountability in the Economic and Monetary Union: Foundations, Policy, and Governance. Oxford: Oxford University Press.Google Scholar
Moravcsik, A. (1998). The Choice for Europe: Social Power and State Purpose from Messina to Maastricht. Ithaca, NY: Cornell University Press.Google Scholar
Moschella, M., Pinto, L., and Martocchia Diodati, N. (2020). Let’s speak more? How the ECB responds to public contestation. Journal of European Public Policy 27(3), 400–418.Google Scholar
Mudge, S. L., and Vauchez, A. (2016). Fielding supranationalism: The European central bank as a field effect. Sociological Review Monographs 64(2), 146–169.Google Scholar
Müller, M., and Braun, C. (2021). Guiding or following the crowd? Strategic communication as reputational and regulatory strategy. Journal of Public Administration Research and Theory 31(4), 670–686.Google Scholar
Nicoli, F. (2019). Neofunctionalism revisited: Integration theory and varieties of outcomes in the Eurocrisis. Journal of European Integration 42(7), 897–916.Google Scholar
Pierson, P. (1996). The path to European integration: A historical institutionalist analysis. Comparative Political Studies 29(2), 123–163.Google Scholar
Pollack, M. A. (2003). The Engines of European Integration: Delegation, Agency, and Agenda Setting in the EU. Oxford: Oxford University Press.Google Scholar
Rimkuté, D. (2019). Building organizational reputation in the European regulatory state: An analysis of EU agencies’ communications. Governance 33, 385–406.Google Scholar
Romzek, B. (2000). Dynamics of public sector accountability in an era of reform. International Review of Administrative Sciences 66(1), 21–44.Google Scholar
Rostagno, M., Altavilla, C., Carboni, G., Lemke, W., Motto, R., Saint Guilhem, A., and Yiangou, J. (2019). A tale of two decades: The ECB’s monetary policy at 20. ECB Working Paper No. 2346.Google Scholar
Sadeh, T. (2018). How did the euro area survive the crisis? West European Politics 42(1), 201–226.Google Scholar
Sánchez-Cuenca, I. (2017). From a deficit of democracy to a technocratic order: The postcrisis debate on Europe. Annual Review of Political Science 20, 351–369.Google Scholar
Sandbu, M. (2021). The European school of central banking is no more. Financial Times, 13 July. www.ft.com/content/435e9652-96f3-4c8c-94c3-7863362688e1Google Scholar
Sandholtz, W., and Stone Sweet, A. (2012). Neo-functionalism and supranational governance. In Jones, E., Menon, A., and Weatherill, S. (eds.), The Oxford Handbook of the European Union. Oxford: Oxford University Press, pp. 18–33.Google Scholar
Saurugger, S., and Fontan, C. (2019). The judicialisation of EMU politics: Resistance to the EU’s new economic governance mechanisms at the domestic level. European Journal of Political Research 58(4), 1066–1087.Google Scholar
Scharpf, F. W. (1970). Demokratietheorie zwischen Utopie und Anpassung. Konstanz: Universitätsverlag.Google Scholar
Scharpf, F. W. (1999). Governing in Europe. Oxford: Oxford University Press.Google Scholar
Scharpf, F. W. (2012). Legitimacy intermediation in the multilevel European polity and its collapse in the euro crisis. MPIfG Discussion Paper No. 12/6.Google Scholar
Schelkle, W. (2018). The ECB at 20: Not Like Its Boring Older Brother. In De Grauwe, P., Schelkle, W., Diessner, S., Lokdam, H. and Vallée, S., Five Views: What We’ve Learned from 20 Years of the European Central Bank. LSE EUROPP. https://blogs.lse.ac.uk/europpblog/2018/06/01/four-views-what-weve-learned-from-20-years-of-the-european-central-bankGoogle Scholar
Schelkle, W. (2014). The ‘poundzone’ is just as sub-optimal a currency area as the Eurozone, LSE EUROPP. https://blogs.lse.ac.uk/europpblog/2014/07/30/the-poundzone-is-just-as-sub-optimal-a-currency-area-as-the-eurozone/Google Scholar
Schelkle, W. (2017a). The Political Economy of Monetary Solidarity: Understanding the Euro Experiment. Oxford: Oxford University Press.Google Scholar
Schelkle, W. (2017b). Listening to the experts on European monetary integration: Comment on Noah Carl. Political Quarterly 88(4), 684–688.Google Scholar
Schmid, J. (1997). Bundesbank chief says euro could spawn wage conflicts. International Herald Tribune. www.nytimes.com/1997/02/28/business/worldbusiness/IHT-bundesbank-chief-says-euro-could-spawn-wage.htmlGoogle Scholar
Schmidt, V. A. (2013). Democracy and legitimacy in the European Union revisited: Input, output and ‘throughput’. Political Studies 61(1), 2–22.Google Scholar
Schmidt, V. A. (2020). Europe’s Crisis of Legitimacy: Governing by Rules and Ruling by Numbers in the Eurozone. Oxford: Oxford University Press.Google Scholar
Schmidt, V. A., and Wood, M. (2019). Conceptualising throughput legitimacy: Procedural mechanisms of accountability, transparency, inclusiveness and openness in EU governance. Public Administration 97(4), 727–740.Google Scholar
Schulz, D., and Verdun, A. (2022). The European Central Bank: A bulwark against (differentiated) disintegration? In Leruth, B., Gänzle, S., and Trondal, J. (eds.), The Routledge Handbook of Differentiation in the European Union. London: Routledge.Google Scholar
Schulz, D., Gardt, M., and da Conceição-Heldt, E. (2020). What European Union do central bankers want? Preference formation in the European Central Bank. Paper prepared for the 10th Conference of the ECPR-SGEU.Google Scholar
Seabrooke, L., and Tsingou, E. (2019). Europe’s fast- and slow-burning crises. Journal of European Public Policy 26(3), 468–481.Google Scholar
Spielberger, L. (2023). The politicisation of the European Central Bank and its emergency credit lines outside the euro area. Journal of European Public Policy 30(5), 873–897.Google Scholar
Steffek, J. (2019). The limits of proceduralism: Critical remarks on the rise of ‘throughput legitimacy’. Public Administration 97(4), 784–796.Google Scholar
Stone Sweet, A., and Sandholtz, W. (1997). European integration and supranational governance. Journal of European Public Policy 4(3), 297–317.Google Scholar
Suchman, M. C. (1995). Managing legitimacy: Strategic and institutional approaches. Academy of Management Review 20(3), 571–610.Google Scholar
Tallberg, J. (2002). Delegation to supranational institutions: Why, how, and with what consequences? West European Politics 25(1), 23–46.Google Scholar
Thatcher, M., and Stone Sweet, A. (2002). Theory and practice of delegation to non-majoritarian institutions. West European Politics 25(1), 1–22.Google Scholar
Torres, F. (2013). The EMU’s legitimacy and the ECB as a strategic political player in the crisis context. Journal of European Integration 35(3), 287–300.Google Scholar
Tucker, P. (2018). Opening remarks at New City Agenda Event on Unelected Power: The Quest for Legitimacy in Central Banking and the Regulatory State, London, 12 June.Google Scholar
Van Osch, D., de Ruiter, R., and Yesilkagit, K. (2023). An accountability deficit? Holding transgovernmental networks to account. Journal of European Public Policy 30(2), 315–333.Google Scholar
Van’t Klooster, J. (2020). The ethics of delegating monetary policy. Journal of Politics 82(2), 587–599.Google Scholar
Verdun, A. (1998). The institutional design of EMU: A democratic deficit? Journal of Public Policy 18(2), 107–132.Google Scholar
Wallace, P. (2015). The Euro Experiment. Cambridge: Cambridge University Press.Google Scholar
Walter, S., Ray, A., and Redeker, N. (2020). The Politics of Bad Options: Why the Eurozone’s Problems Have Been So Hard to Resolve. Oxford: Oxford University Press.Google Scholar
Wolf, M. (2012). Draghi alone cannot save the euro. Financial Times, 11 September. www.ft.com/content/e6bb0966-fb41-11e1-87ae-00144feabdc0Google Scholar

Save book to Kindle

To save this book to your Kindle, first ensure [email protected] is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about saving to your Kindle.

Note you can select to save to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be saved to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.

Find out more about the Kindle Personal Document Service.

Available formats
×

Save book to Dropbox

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Dropbox.

Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

Available formats
×