How should large and small countries be represented in a currency union ?

@inproceedings{Berger2004HowSL,
  title={How should large and small countries be represented in a currency union ?},
  author={Helge Berger},
  year={2004}
}
The likely extension of the euro area has triggered a debate on the organization of the ECB, in particular on the apparent mismatch between relative economic size and voting rights in the Council. We present a simple model of optimal representation in a federal central bank addressing this question. Optimal voting weights re‡ect two opposing forces: the wish to insulate common monetary policy from changing preferences at the national level, and the attempt to avoid an overly active or passive… CONTINUE READING
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