Transparency International EU, (2017), “TWO SIDES OF THE SAME COIN? Independence and Accountability of the European Central Bank”, March
This report is published at a time when the ECB faces a major dilemma. Because political inertia has to date prevented the establishment of a sustainable institutional architecture for the Eurozone, the ECB’s role in safeguarding the euro is as indispensable as ever. The ECB emerged as the decisive actor in the euro crisis, with an extraordinary degree of latitude thanks to the statutory independence enshrined in the EU treaties: Governing Council members may not seek or take instructions from member state governments or European authorities to protect it from political interference. At the same time the ECB faces a significant decline in public trust, which alongside its expanded responsibilities put considerable strain on its accountability.
Relevant Posts
- Schmidt, Vivien, Wood, Matt, (2017), “The EU’s new white paper underlines why Europe needs to be more open to its citizens”, LSE EUROPP, 10 March
- Ryan, John, (2016), “The European Central Bank: A Central Bank Operating In A Democratic Void”, Social Europe, 24 June