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Redefining the European Central Bank: from technocratic authority to strategic actor
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Orientador(es)
Resumo(s)
This work project examines how the European Central Bank (ECB) has evolved from a technocratic guardian of price stability to a strategic actor within the European Union (EU). Combining approaches from management and international relations, it applies the Dynamic
Capabilities Framework, the Principal-Agent Theory and a textual analysis of the ECB’s monetary policy strategy reviews, to assess the institution’s strategic trajectory. The findings show that, while the ECB’s legal mandate has remained unchanged, its de facto actions
expanded significantly due to successive crises, particularly the Sovereign Debt Crisis. A comparison with the Federal Reserve further reveals areas of convergence in tools and communications practices. Altogether, the ECB’s evolution reflects increasing strategic relevance within the EU’s multi-level governance structure.
Descrição
Palavras-chave
European Central Bank European economic governance Federal reserve International business Monetary policy Sovereign debt crisis Strategic evolution Strategic management