Monitoring the European Central Bank: Report No. 1

The European Central Bank (ECB) will be a formidable powerhouse. The European Parliament and national parliaments must have an objective basis for their own interpretation of the new central bank's actions. CEPR recognizes the need for a regular examination of ECB polices from a pan-European perspective and the importance of beginning this examination early in order to present a rigorous scrutiny of the ECB when it starts.This new MECB series will be written by a team of distinguished economists known internationally for their work on macroeconomics and monetary policy. They will produce two reports each year--an assessment of the key issues facing European monetary policy and a detailed commentary on the ECB's own annual report. The first report, to be published two months before the ECB's own report, will include a detailed analysis of ECB actions and will alert the public to the main issues raised by the policies pursued by the ECB during the previous year.