Review by Choice Review
Readers interested in the euro, the European Central Bank (ECB), and central bank development over the past 50 years should find this work useful. Padoa-Schioppa describes how central banks gradually achieved substantial independence from state control and assumed responsibility for monetary and financial payment systems. During the same time frame the European Union (EU) took shape, and with the formation of the European Monetary Union, embraced most new aspects of central banking. Active in European banking for many years and an ECB board member since 1998, the author welcomes these developments even though he sees the need for further progress. In particular he is critical of the ways in which some national central bank administrators, who are now members of the ECB, resist changes that could make the ECB more effective. This might become more of a problem as the EU accepts more members. He also notes that failure to enforce or modify provisions of the Stability and Growth Pact could delay recognition of the EBC as a globally influential central banking system. Despite these reservations, the author is confident in the future of a United Europe. Well documented with chapter notes and an extensive bibliography. ^BSumming Up: Recommended. General readers; students, upper-division undergraduate and up; researchers and professionals. G. T. Potter emeritus, Ramapo College of New Jersey
Copyright American Library Association, used with permission.
Review by Choice Review
