Borio and Toniolo outline the main targets, tools, and determinants of central bank cooperation and their evolution over time, deal with cooperation in the context of the pre-1914 “classical” gold standard, and trace developments from the wartime regime to the creation of the BIS. Howarth and Loedel provide a detailed analysis of the institutional structure and operation of the ECB, and reasonably speculate on the Bank’s future operation. de Haan et al. examine the degree of business cycle synchronization in the euro area, the inflation differentials among the euro countries, and (the persistence of) differences in monetary transmission across these countries. (pp. 109–113)

PhD C., University of Craiova
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