Richard E. Baldwin

Preparing the ECB for Enlargement: CEPR Policy Paper Number 6 Richard E. Baldwin

As the European Monetary Union begins to add member nations, central bank governors of each new member will become entitled to a vote on the European Central Bank's key decision making body, the Governing Council. This report argues that the substantial increase of voters in the Governing Council will adversely affect the efficiency of the Bank's decisionmaking structure.