By Michael D. Bordo, Barry Eichengreen
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Extra resources for A Retrospective on the Bretton Woods system
Is it really true that governors leave their national hat in the wardrobe and let their hearts and minds only look at euroland when sitting in the ECB Council? 25 The previous section reviewed the main factors inﬂuencing the “center versus periphery” relationship at this early stage of the EMU. Here it may be useful to explain why the emergence of a system-oriented approach is more laborious in nonmonetary than in monetary policy matters. Nonmonetary policy matters include a wide range of activities, like the printing of banknotes, the structure and operations of money transfer mechanisms, the management of the assets held in the balance sheets, the representation in international organizations and in foreign countries, the monitoring of the large banking institutions, the restructuring of the EU ﬁnancial industry, and the policies concerning the international monetary and ﬁnancial system.
In the rest of the book we will often The Roads to the Euro: A Historical Overview 9 use the term “the Treaty” for the integrated European charter formed by the Single European Act, the Treaty of Maastricht, and the Treaty of Rome. After Maastricht, the political process of advancing the union by way of Treaty changes continued. In Amsterdam (1997) and in Nice (2000) two new treaties were stipulated, mainly focused on political and institutional aspects of the European Union. Attempts were made to strengthen the second and third pillars set up in Maastricht as well as to prepare the EU institutions for future enlargements to up to twelve new members.
As far as the economic outlook is concerned, it should be further considered that economic situations are often highly heterogeneous within countries. Germany and Italy, for example, exhibit differences between regions (east versus west for Germany; north versus south for Italy) that are almost as pronounced as those between the richest and the poorest countries of the European Union. It would indeed be quite difﬁcult, if not A Proﬁle of the Eurosystem: The Newest Central Bank 31 impossible, to trace the political borders separating countries within euroland by simply looking at an economic map.