Reforma instytucjonalna Europejskiego Banku Centralnego wobec rozszerzenia Unii Gospodarczej i Walutowej

Abstract

The aim of the article is to prove that without institutional reform, euro-area enlargement will complicate the way monetary policy is formulated in the ECB’s Governing Council. The paper depicts current intitutional framework, illustrates the importance of possible consequences of enlargement (mismatch between the economic and political weights, increase in decision-making costs) and describes alternative four reform scenarios: centralisation, weighted voting, representation and rotation. The article concludes with the ECB Council suggestion for institutional reform decided at its meeting on 19 December 2002.