It is to be expected that by early 2006 the European monetary union will be enlarged by up to 10 countries. This poses the question as to whether the current decision-making structure in the common central bank is adequate for such a large membership. Not only will such a large number of national representatives impair the effi ciency of decision-making, but monetary policy will have to deal with a much more heterogenous group of members. The following article addresses the problem of enlargement and discusses reform options for the central bank.
Full article available only as PDF