Central banks in European transition economies

This paper by Eduard Hochreiter (Oesterreichische Nationalbank) and Tadeusz Kowalski (Poznan University of Economics) analyses the institutional framework of central banks in ten Central and East European countries using the ECB as benchmark. It looks at the legislated objectives of these central banks, assesses the degree of political and functional independence and the status of their democraticlegitimisation and accountability.

The authors find that while much progress has been made in

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