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Central Bank Independence

Part of the Cultural Sociology Book Series

DOI: 10.1057/9781137268839

ISBN: 978-1-137-31016-3

Publisher: Palgrave Macmillan US - Springer Journals

Oct 12, 2015

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Chapter 1Introduction

Tognato, Carlo

Pages: 1 –10

[In 1999 Europe took a historical step. Euroland was born. Eleven countries relinquished their national currencies, adopted the euro, and surrendered their monetary sovereignty to the European Central Bank (ECB). At that time the European Monetary Union (EMU) appeared to fulfill a long-time dream...
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Chapter 2Culture in Economic Life

Tognato, Carlo

Pages: 11 –24

[Many social theorists have warned that in modern societies the progressive colonization of social life by technical rationality would progressively undermine the power of all other cultural logics. Rational disenchantment, then, would push furthest within the economic arena.1]
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Chapter 3Stability Cultures and Central Banking

Tognato, Carlo

Pages: 25 –40

[Central bankers have occasionally acknowledged that culture matters in independent central banking. Already in 1992, for example, Bundesbank president Helmut Schlesinger declared that on paper the preconditions for a stable European currency were given but they would still need to prove their...
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Chapter 4The German Stabilitätskultur

Tognato, Carlo

Pages: 41 –72

[In the course of the past few decades, independent central banks have emerged as one of the purest institutional distillates of modern rationality, and the Deutsche Bundesbank has been celebrated worldwide as the most successful institutional example of an independent central bank in history...
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Chapter 5A Stability Culture for Europe

Tognato, Carlo

Pages: 73 –103

[On January 1, 1999, eleven European countries adopted the euro as their new currency and surrendered their monetary sovereignty to the European Central Bank (ECB). Euroland was born.]
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Chapter 6Tackling the US Financial Crisis

Tognato, Carlo

Pages: 105 –133

[Since the burst of the housing bubble in 2007, the United States has been experiencing an economic crisis of extraordinary proportions that many have compared with the Great Depression. The crisis peaked in September and October 2008. As a result of it, a considerable proportion of Americans’...
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Chapter 7Conclusion

Tognato, Carlo

Pages: 135 –140

[Social theorists have repeatedly denounced the inexorable process of disenchantment within modern societies that allegedly leads technical rationality to progressively displace any noninstrumental cultural logic from social life. According to this view such a process has pushed furthest within...

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