Explaining commitments to the European Central Bank : the interaction of voter opinion and institutional arrangements in France, Germany and Spain

Donnelly, Shawn.

Why was it so difficult for European Union countries to establish the European Central Bank? In the 1992 Maastricht Treaty, EU governments committed themselves to an independent, stability-oriented ECB, and to ensuring low inflation rates and low budget deficits. Between 1992 and 1998, they fought o