Analysis of the voting method used in the European Central Bank

Abstract

Game theoreticians usually deal with standard voting methods, such as plurality voting or approval voting. In reality however, some complicated non-standard voting methods are used. In this paper we shall present the voting method and rotation scheme used by the Governing Council of the European Central Bank (ECB), as it enlarges to accommodate new members of the economic and monetary union. We present game theoretical approaches to analyzing this method and different methods of computing the Shapley value for games connected with voting under such rotation schemes.