The European Central Bank (Finance Matters)

About the Author\nMichael Heine is Professor at Hochschule für Technik und Wirtschaft Berlin at the University of Applied Sciences, Berlin.\nHansjorg Herr is Professor at the Berlin School of Economics. His books include Decent Capitalism: A Blueprint for Reforming our Economies (2011) and Macroeconomic Policy Regimes in Western Industrial Countries (2011).\nThe European Central Bank administers monetary policy for the eurozone and is tasked with maintaining price stability by keeping inflation below 2 per cent. This brief mandate belies the complexity of managing the monetary policy for the 19 member states of the euro, not to mention the political implications thereof.\nThis book sets out the history, development and day-to-day workings of this key institutional pillar of the European Union. It assesses its work, independence, the policies and instruments at its disposal and the evolution of its role during, and after, the eurozone crisis of 2010. Incomplete monetary union, Germany's hegemonic ambitions and different economic policies from individual member countries are shown to pose formidable challenges to the ECB's macroeconomic management.