Les Banques centrales et l'État-nation
The Central Banks and the Nation-State
The entire standard theory of central banking is constructed on the model of independence of the issuing institution in relation to the state. Yet the history of central banks comes back to the state, or rather to the nation-state.
In order to understand the reasons for this paradox, this book analyses the evolution of the relationship between fifteen central banks and the state. These banks represent the diversity of this kind of institution throughout the world: old issuing banks whose origins date back to the Ancien Regime, national banks created during the nationalist wave of the late-19th century, central banks forged during the fall of empires after the First World War, nationalised issuing institutions established after the Second World War or decolonisation, and finally, national central banks (re)founded at the end of the Cold War and the path to monetary unification in Europe.
There are two common threads that emerge from these comparative histories. The first is the fundamental ambivalence of the central banks situated on the frontier between the nation-state and the global market, and the second is their role in monetary and financial stabilisation that make them key actors in regulating globalisation.