The ECB’s institutional design copied the Bundesbank’s neoliberal design

Evidence

The influence of German neoliberalism in the Bundesbank and later also in the ECB has manifested itself at both a theoretical and a personal level over several decades. Alesina and Grilli, for instance, stress that “the institutional design of the ECB is more similar to that of the Bundesbank than to any other central bank of the Eurozone.” Furthermore, central actors in the Bundesbank, e.g. Otmar Issing, Hans Tietmeyer, Axel Weber, and Jens Weidmann, are linked to the network of German neoliberalism through both their academic background and their membership in neoliberal think tanks. — Dieter Plehwe, Quinn Slobodian & Philip Mirowski (eds.), Nine Lives of Neoliberalism, 636

Categorization

• XREF: Links to the broader argument that German ordoliberalism shaped the architecture of the euro — the intellectual DNA of ECB policy. — connects to: The ECB lacks the lender-of-last-resort powers the Fed and Bank of England exercise — Mark Blyth, Austerity: The History of a Dangerous…, 246; The ECB justified austerity through rational-expectations Ricardian consumer theory — Mark Blyth, Austerity: The History of a Dangerous…, 174; Ordoliberalism institutionalized competition policy and an independent central bank against parliamentary control — Mark Blyth, Austerity: The History of a Dangerous…, 364 (+6 more)

Broader Connections

• Ordoliberalism institutionalized competition policy and an independent central bank against parliamentary control #corroborates (0.80) — Mark Blyth, Austerity, 364
• Neoliberals pursued an engineered order rather than expecting free markets to emerge naturally #corroborates (0.78) — Philip Mirowski & Dieter Plehwe (eds.), The Road from Mont Pèlerin, 1907
• Monetarism and ordoliberalism shared personal and institutional connections in Germany #corroborates (0.75) — Dieter Plehwe, Quinn Slobodian & Philip Mirowski (eds.), Nine Lives of Neoliberalism, 632
• German neoliberal thought persistently shaped German economic policy through 2008 and beyond #corroborates (0.72) — Dieter Plehwe, Quinn Slobodian & Philip Mirowski (eds.), Nine Lives of Neoliberalism, 611
• Western Europe diverged from the floating-rate norm via the Bundesbank and EMS #corroborates (0.72) — Dieter Plehwe, Quinn Slobodian & Philip Mirowski (eds.), Nine Lives of Neoliberalism, 448