NDLI: How should large and small countries be represented in a currency union?

Content Provider	Springer Nature Link
Author	Mueller, Till Berger, Helge
Copyright Year	2007
Abstract	We present a simple model of optimal representation in a federal central bank that balances two opposing forces: the wish to insulate common monetary policy from changing preferences at the national level, and the attempt to avoid an overly active or passive reaction to idiosyncratic national economic shocks. A perfect match between economic size and voting rights is rarely optimal, and neither is the “one country, one vote principle”. There are indications that the pattern of over- and under-representation of member countries in the ECB Council might be extreme.
Ending Page	484
Page Count	14
Starting Page	471
File Format	PDF
ISSN	00485829
e-ISSN	15737101
Journal	Public Choice
Issue Number	3-4
Volume Number	132
Language	English
Publisher	Springer US
Publisher Date	2007-06-07
Publisher Place	Boston
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Optimal representation Voting ECB Monetary Policy International Monetary Arrangements and Institutions Currency union Public Finance & Economics Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior Federal central bank Central Banks and Their Policies Central bank Political Science
Content Type	Text
Resource Type	Article
Subject	Sociology and Political Science Economics and Econometrics

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How should large and small countries be represented in a currency union?