{"title":"The Case for a European Credit Council: Historical and Constitutional Fine-Tuning.","authors":"Jens van 't Klooster","doi":"10.1515/ael-2022-0074","DOIUrl":null,"url":null,"abstract":"<p><p>Eric Monnet's European Credit Council (ECC) is an innovative, historically-grounded institutional proposal for supporting the ECB in the design of its monetary policy operations. In this commentary, I seek to strengthen the case for the European Credit Council drawing on work in progress on the history of the ECB. I first discuss the tradition of moderate interventionism as it appears in Monnet's (Monnet, E. (2018). <i>Controlling credit: Central banking and the planned economy in Postwar France</i>, <i>1948-1973</i>. Cambridge University Press) study <i>Controlling Credit</i>. I show that the model of moderate interventionism was well-known to the drafters of the ECB statutes and efforts to categorically rule such policies out were simply unsuccessful. I suggest that this fortuitous choice has left ample legal space in the EU treaties for an ECC.</p>","PeriodicalId":43657,"journal":{"name":"Accounting Economics and Law-A Convivium","volume":"159 1","pages":"519-532"},"PeriodicalIF":0.9000,"publicationDate":"2023-01-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC11606583/pdf/","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Accounting Economics and Law-A Convivium","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1515/ael-2022-0074","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"2024/11/1 0:00:00","PubModel":"eCollection","JCR":"Q3","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0
Abstract
Eric Monnet's European Credit Council (ECC) is an innovative, historically-grounded institutional proposal for supporting the ECB in the design of its monetary policy operations. In this commentary, I seek to strengthen the case for the European Credit Council drawing on work in progress on the history of the ECB. I first discuss the tradition of moderate interventionism as it appears in Monnet's (Monnet, E. (2018). Controlling credit: Central banking and the planned economy in Postwar France, 1948-1973. Cambridge University Press) study Controlling Credit. I show that the model of moderate interventionism was well-known to the drafters of the ECB statutes and efforts to categorically rule such policies out were simply unsuccessful. I suggest that this fortuitous choice has left ample legal space in the EU treaties for an ECC.
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