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Author :
Release : 1994
Genre :
Kind : eBook
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Book Synopsis The Democratic Legitimacy of the Independence of the European Central Bank by :
Download or read book The Democratic Legitimacy of the Independence of the European Central Bank written by . This book was released on 1994. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Cornelia Manger-Nestler
Release : 2021-05-29
Genre : Law
Kind : eBook
Book Rating : 155/5 ( reviews)
Book Synopsis Democratic Legitimation of Central Bank Independence in the European Union by : Cornelia Manger-Nestler
Download or read book Democratic Legitimation of Central Bank Independence in the European Union written by Cornelia Manger-Nestler. This book was released on 2021-05-29. Available in PDF, EPUB and Kindle. Book excerpt: This short monograph examines the tense relationship between central bank independence and democratic legitimation, which has changed as the European Central Bank (ECB) has been entrusted with new tasks and faced unprecedented challenges. The financial and sovereign debt crisis, in particular, has affected the ECB's position within the Economic and Monetary Union without substantial changes in the Union's legal framework. However, the evolution of an institution primarily obligated to maintain price stability into an actor involved in sustaining financial stability, performing banking supervision and supporting economic policy raises the question of whether the high level of autonomy granted to the ECB is justified with regard to the principle of democracy that demands adequate accountability and control. This book identifies requirements for the democratic legitimation of central bank action in relation to specific tasks. Further, it analyses other scales of independence encountered in EU law in order to allow readers to gain a better conceptual understanding of central bank independence.
Author : D. Howarth
Release : 2003-05-14
Genre : Business & Economics
Kind : eBook
Book Rating : 101/5 ( reviews)
Book Synopsis The European Central Bank by : D. Howarth
Download or read book The European Central Bank written by D. Howarth. This book was released on 2003-05-14. Available in PDF, EPUB and Kindle. Book excerpt: David Howarth and Peter Loedel provide a theoretically inspired account of the creation, design and operation of the European Central Bank. Issues explored include the theoretical approaches to the ECB, the antecedents of European monetary authority, the different national perspectives on central bank independence, the complex organisation of the bank, the issues of accountability and the difficult first years of the ECB in operation.
Author : Fabian Amtenbrink
Release : 2019
Genre :
Kind : eBook
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Book Synopsis The European Central Bank's Intricate Independence Versus Accountability Conundrum in the Post-Crisis Governance Framework by : Fabian Amtenbrink
Download or read book The European Central Bank's Intricate Independence Versus Accountability Conundrum in the Post-Crisis Governance Framework written by Fabian Amtenbrink. This book was released on 2019. Available in PDF, EPUB and Kindle. Book excerpt: In the wake of the European financial and sovereign debt crisis there is a revived interest in the constitutional position of the European Central Bank (ECB) in the European Union legal order, notably its independence and democratic legitimacy. A new generation of researchers, witnessing and in part affected by the course of events during the crisis, is currently discovering this field of research. These contemporary contributions are more than reiterations of debates at the time of the establishment of the European System of Central Banks. Indeed, the (legal) landscape pertaining to the position of the ECB has transformed significantly during the crisis, not only raising concerns about the legitimacy of the position and actions of the ECB, but, somewhat paradoxically, also about the compatibility of its functions and actions with the basic EU Treaty preference for an independent, inflation-averse and thus, conservative central bank. This contribution provides a broader picture of the independence-versus-accountability conundrum in the post-crisis governance framework by discussing main determinants of the independence and democratic legitimacy of the ECB today, as well as identifying risks emanating from the ECB's position in the EU legal order. Based on this assessment areas of improvement are identified.
Author : Fabian Amtenbrink
Release : 2009
Genre :
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Book Synopsis On the Legitimacy and Democratic Accountability of the European Central Bank by : Fabian Amtenbrink
Download or read book On the Legitimacy and Democratic Accountability of the European Central Bank written by Fabian Amtenbrink. This book was released on 2009. Available in PDF, EPUB and Kindle. Book excerpt: Various authors have questioned the legal framework of the European System of Central Banks and of the European Central Bank (ECB), which undoubtedly concentrates on ensuring the independence of the system, rather than introducing a democratically accountable monetary policy authority. Rather than to revisit all facets of the well-known case for the democratic accountability of the ECB, this contribution highlight the ways in which the democratic accountability of the ECB has developed in the first years of its coming into operation as the single monetary policy authority in the Euro-zone. Three main elements are identified in this context, including the approach to monetary policy objectives of the ECB, its communication strategy vis-¿-vis the financial markets and the public at large and its regular contacts with the European Parliament. All of these elements refer to the transparency of the ECB. Indeed, information may be considered as the key to the evaluation of the performance of a central bank and thus, to democratic accountability. Information requires transparency because where a central bank does not conduct monetary policy in an open manner, information on the performance of the bank is difficult to acquire. What results from this analysis is that while the current legal arrangements relating to the democratic accountability of the ECB can certainly be criticised for their shortcomings, it also has to be acknowledged that despite the limited obligations under the EC Treaty the ECB has undergone considerable efforts to become a transparent central bank, thereby enhancing democratic accountability. Yet, the fact remains that it is up to the ECB to decide on the means and extent to which it provides this transparency. As a result, the ECB appears to be very transparent on paper, whereas the financial markets, but indeed also the MEPs seem to have considerable difficulties with understanding the monetary policy strategy of the ECB. All things considered, the ECB also has to be given credit for the constructive way in which it has interpreted its obligation under the EC Treaty to appear before the EP. By appearing four times a year, the ECB once more does more than would be legally required. It can already be concluded that that the EP takes the role, which it has been assigned to under the Maastricht Treaty very serious. Indeed, it may understand this role as a welcome opportunity to show once more that it is a fully, grown parliament which is willing to take on more substantial responsibilities in the constitutional structure of the European Union.
