@techreport{NBERw3840,
 title = "Designing a Central Bank for Europe: A Cautionary Tale From the Early Years of the Federal Reserve System",
 author = "Barry Eichengreen",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "3840",
 year = "1991",
 month = "September",
 URL = "http://www.nber.org/papers/w3840",
 abstract = {Important questions concerning the structure and operation of a European central bank remain to be answered. Although there exists no precedent for the process of institution-building in which the European Community is currently engaged, the founding and early operation of the Federal Reserve System in the United States provides a suggestive parallel. It suggests that Stage 2 of the Delors Plan contains potential sources of instability. It suggests attempting a direct transition from Stage 1 (national monetary autonomy) to Stage 3 (centralization of authority). It suggests the need for more thought about voting and mediation procedures to be used to reconcile and aggregate national interests.},
}