The European Central Bank – Credibility, Transparency and Centralization
本书系统分析欧洲货币联盟的可信度问题，评估欧洲央行的货币政策框架与策略，建议其放弃第一支柱并专注于通胀目标，适合学者、私营部门经济学家及央行官员阅读。
The book touches an enormously important issue, namely the credibility problems related to the European Monetary Union. The authors provide a very well structured, accessibly written and comprehensive analysis. The book offers a very fruitful and thought provoking discussion and thus is a must for academics and private sector economists interested in monetary policy as well as for central bankers. After a short introduction, the authors thoroughly describe the monetary framework of the ECB. In the third chapter, the ECB’s framework and strategy are subject to a critical assessment, containing a rich array of criteria such as the predictability of the ECB’s actions, different aspects of inflation, the first (monetary) pillar, and the external value of the Euro. The authors judge the Bank positively in general, but conclude correctly but somewhat early (given that three important chapters are yet to come) that the ECB should abandon the first pillar and concentrate on an inflation target.