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The European Central Bank's Intricate Independence Versus Accountability Conundrum in the Post-Crisis Governance Framework

2019
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Release : 2019
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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.

Central Bank Independence, Accountability, and Transparency

2009-06-10 Business & Economics
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Release : 2009-06-10
Genre : Business & Economics
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Book Synopsis Central Bank Independence, Accountability, and Transparency by : Bernard J. Laurens

Download or read book Central Bank Independence, Accountability, and Transparency written by Bernard J. Laurens. This book was released on 2009-06-10. Available in PDF, EPUB and Kindle. Book excerpt: In the context of the current global financial crisis, where central banks have taken a key role in preserving systemic stability, this book offers a comprehensive review of the literature, proposes new indices and calculates new measures of the three pillars of central bank governance, which are afterwards applied to global central banks. It argues that, while it may not always be desirable for the central bank to supervise financial institutions, there is a strong case for all central banks not to overlook financial stability issues.--Publisher's description.

The New European Central Bank: Taking Stock and Looking Ahead

2022-12-02 Law
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Release : 2022-12-02
Genre : Law
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Book Rating : 688/5 ( reviews)

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Book Synopsis The New European Central Bank: Taking Stock and Looking Ahead by : Thomas Beukers

Download or read book The New European Central Bank: Taking Stock and Looking Ahead written by Thomas Beukers. This book was released on 2022-12-02. Available in PDF, EPUB and Kindle. Book excerpt: The European Central Bank (ECB) was first introduced in the European legal order on the occasion of the Treaty of Maastricht (1992). An official EU institution which is governed by EU law, the ECB of modern times differs vastly from its inception in 1998, which manifests in three main ways: monetary policy options, consideration of concerns other than low inflation in its policy-making, and its role in the Banking Union. This edited collection offers a retrospective and prospective account of the ECB, charting its evolution in detail with chapters written by leading academics and practitioners. Part 1 examines the substantive changes to monetary policy introduced by the ECB as a consequence of the financial and sovereign debt crisis by considering their legal basis. Part 2 moves beyond monetary policy by shifting to the new roles that the ECB has been called upon to play, notably in banking supervision and resolution. Parts 3 and 4 deal with transformations to inter- and intra-institutional relations, and take stock of these transformations, reflecting on the nature of the ECB of current times and which direction it could be heading in the future. The authors analyse the most salient and controversial elements of the ECB's crisis response, including unconventional monetary policy measures and the ECB's risk management strategy. Beyond monetary policy, the book further examines the role played by objectives such as financial stability and environmental sustainability, the ECB's relationship to the Lender of Last Resort function, as well as its new responsibilities in the Banking Union.

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Book Rating : 543/5 ( reviews)

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Accountability in the Economic and Monetary Union

2020-04-02 Law
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Release : 2020-04-02
Genre : Law
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Book Rating : 956/5 ( reviews)

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Book Synopsis Accountability in the Economic and Monetary Union by : Menelaos Markakis

Download or read book Accountability in the Economic and Monetary Union written by Menelaos Markakis. This book was released on 2020-04-02. Available in PDF, EPUB and Kindle. Book excerpt: Following the financial and public debt crisis, the EU's Economic and Monetary Union (EMU) has been under intense political scrutiny. The measures adopted in response to the crisis have granted additional powers to the EU (and national) authorities, the exercise of which can have massive implications for the economies of the Member States, financial institutions and, of course, citizens. The following questions arise: how can we hold accountable those institutions that are exercising power at the national and EU level? What is the appropriate level, type and degree of accountability and transparency that should be involved in the development of the EU's governance structures in the areas of fiscal and economic governance and the Banking Union? What is the role of parliaments and courts in holding those institutions accountable for the exercise of their duties? Is the revised EMU framework democratically legitimate? How can we bridge the gap between the citizens - and the institutions that represent them - and those institutions that are making these important decisions in the field of economic and monetary policy? This book principally examines the mechanisms for political and legal accountability in the EMU and the Banking Union. It examines the implications that the reforms of EU economic governance have had for the locus and strength of executive power in the Union, as well as the role of parliaments (and other political fora) and courts in holding the institutions acting in this area accountable for the exercise of their tasks. It further sets out several proposals regarding transparency, accountability, and legitimacy in the EMU.

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