ECU-EMS information. 3-4 1993 Monthly
12 pages
English

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ECU-EMS information. 3-4 1993 Monthly

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12 pages
English
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Theme 2 ISSN 1011-0844 Economy and finance Seríes Β Short-term trends ECU-EMS information 3-4 D 1993 TOWARDS CENTRAL BANKS INDEPENDENCE in the annual report just published by the commitee of The Central Bank of Ireland is an independent institution governors of the central banks of the EC, the central banks responsible for controlling inflation and preventing the punt are unanimous in their conviction that monetary policies from losing purchasing power. must have the final objective of maintaining price stability. On the 21/4/1993 the Belgian National Bank became The report's comments on the independence of the central formally independent from the state. "This law guarantees banks (and the future ESCB) confirm that the system must notably the autonomy of the National Bank of Belgium an be independent in carrying out its mission: "Before the start prevents all possibility of monetary financing by the of Stage Three all central banks must be made Treasury from the Bank", the Finance Ministry said. independent". The independence of the central banks is necessary to ensure the success of Economic and Finance minister of Spain, Carlos SOLCHAGA, has Monetary Union (EMU). This mission has been established emphasised that the Bank of Spain will have full monetary in a political and institutional framework. The central bank independence from 1994. This received major political acts autonomously but it is not "separate" from the State.

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