Show Summary Details

Page of

PRINTED FROM OXFORD HANDBOOKS ONLINE ( © Oxford University Press, 2018. All Rights Reserved. Under the terms of the licence agreement, an individual user may print out a PDF of a single chapter of a title in Oxford Handbooks Online for personal use (for details see Privacy Policy and Legal Notice).

date: 08 March 2021

Abstract and Keywords

Why do central banks attempt to cooperate with other central banks? Why should those political systems (in practice, in the advanced modern industrial world, democratic states), to whom ultimately the central banks are accountable, accept a cooperative strategy of the central banks? What overall gain do they expect to achieve? The answers clearly depend on the definition of the fundamental tasks of central banks, and thus on how cooperation might be envisaged as a tool in the accomplishment of those goals. The purposes and functions of central banks, however, have changed dramatically over the course of time, in accordance with the changing international monetary system from the gold standard, through the Bretton Woods system to the post-1973 order, including European monetary integration. This chapter reviews the pattern, motivation, and record of central bank cooperation in the broader international context of debate about macroeconomic cooperation from the nineteenth century onwards.

Keywords: central banks, macroeconomic cooperation, gold standard, Bretton Woods, European monetary integration

Access to the complete content on Oxford Handbooks Online requires a subscription or purchase. Public users are able to search the site and view the abstracts and keywords for each book and chapter without a subscription.

Please subscribe or login to access full text content.

If you have purchased a print title that contains an access token, please see the token for information about how to register your code.

For questions on access or troubleshooting, please check our FAQs, and if you can''t find the answer there, please contact us.