Volltext herunterladen
(883.4 KB)
Zitationshinweis
Bitte beziehen Sie sich beim Zitieren dieses Dokumentes immer auf folgenden Persistent Identifier (PID):
https://nbn-resolving.org/urn:nbn:de:0168-ssoar-59098-4
Export für Ihre Literaturverwaltung
Too Embedded to Fail: the ECB and the Necessity of Calculating Europe
Zum Scheitern zu eingebettet: die EZB und die Notwendigkeit der Berechnung Europas
[Zeitschriftenartikel]
Abstract
Calling into question the meaning of "independence" in contemporary central banking, the present article investigates the social origins and post-crisis persistence of the European Central Bank's (ECB) core macroeconomic model, despite broad acknowledgement of its failure to anticipate the financial... mehr
Calling into question the meaning of "independence" in contemporary central banking, the present article investigates the social origins and post-crisis persistence of the European Central Bank's (ECB) core macroeconomic model, despite broad acknowledgement of its failure to anticipate the financial crisis. We trace the making of the model; the process by which it became dominant in European central banking and beyond; criticism in the wake of its failure to predict the financial-cum-Eurozone crisis; and its persistence, nonetheless, in the crisis’ aftermath. We argue that the formation, meanings, and persistence of the ECB's model cannot be understood as effects of the bank's independence or the model’s intrinsic qualities. Rather, the model's trajectory is best understood in light of the ECB’s transnationally embedded social location in international finance, professional economics, and European governing institutions. The necessity of calculating Europe, irrespective of the accuracy or predictive strength of the model being used, has less to do with the ECB's independence from domestic politics and more to do with its transnational embeddedness - or, stated differently, that the ECB is, in a sense, too embedded to fail.... weniger
Thesaurusschlagwörter
Eurozone; Finanzwirtschaft; Finanzpolitik; Zentralbank; EU-Politik; Geldpolitik; Europäische Zentralbank; Finanzkrise; Währungsunion
Klassifikation
Wirtschaftspolitik
Öffentliche Finanzen und Finanzwissenschaft
Freie Schlagwörter
scientization; economists; forecasting; field-theory
Sprache Dokument
Englisch
Publikationsjahr
2018
Seitenangabe
S. 248-273
Zeitschriftentitel
Historical Social Research, 43 (2018) 3
Heftthema
Economists, Politics, and Society: New Insights from Mapping Economic Practices Using Field-Analysis
DOI
https://doi.org/10.12759/hsr.43.2018.3.248-273
ISSN
0172-6404
Status
Veröffentlichungsversion; begutachtet (peer reviewed)