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The Economists’ Voice

Ed. by Belke, Ansgar / Schnabl, Gunther

CiteScore 2018: 0.07

SCImago Journal Rank (SJR) 2018: 0.109
Source Normalized Impact per Paper (SNIP) 2018: 0.044

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Volume 15, Issue 1


The European Central Bank, Italy and the Next Eurozone Crisis

John Ryan
  • Corresponding author
  • London School of Economics and Political Science, IDEAS, London SW15 6SS, United Kingdom of Great Britain and Northern Ireland
  • Brexit Partners, Flat 7, 307 Upper Richmond Road London SW15 6SS, United Kingdom of Great Britain and Northern Ireland
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  • Other articles by this author:
  • De Gruyter OnlineGoogle Scholar
Published Online: 2018-11-17 | DOI: https://doi.org/10.1515/ev-2018-0022


The European Central Bank (ECB) is the least accountable central bank among advanced nations. Its degree of independence has only one precedence: the German Reichsbank, a central bank with one of history’s most disastrous records. The lessons of German history do not seem to be interpreted correctly by the ECB.

Keywords: Bundesbank; European Central Bank; Eurozone


  • de Grauwe, Paul. 1998. “ECB is a Law unto Itself.” Financial Times, 12 November.Google Scholar

  • James, Harold. 2014. Making the European Monetary Union. Cambridge, MA: Harvard University Press .Google Scholar

  • Sandbu, Martin. 2015. Europe’s Orphan: The Future of the Euro and the Politics of Debt. Princeton, New Jersey: Princeton University Press.Google Scholar

  • Stiglitz, Joseph E. 2016. The Euro: How a Common Currency Threatens the Future of Europe. Allen Lane Publishers.Google Scholar

  • Tucker, Paul. 2018. Unelected Power: The Quest for Legitimacy in Central Banking and the Regulatory State. Princeton, New Jersey: Princeton University Press.Google Scholar

  • Werner, Richard A. 2006. “A Comparative Analysis of the Independence of the ECB, the Bundesbank and the Reichsbank.” International Finance Review 6: 1–16.Google Scholar

About the article

aProfessor John Ryan is a Fellow at LSE IDEAS and was a fellow at St. Edmund’s College, University of Cambridge. He is currently also a Senior Partner at consultancy Brexit Partners.

Published Online: 2018-11-17

Citation Information: The Economists’ Voice, Volume 15, Issue 1, 20180022, ISSN (Online) 1553-3832, DOI: https://doi.org/10.1515/ev-2018-0022.

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