Democratic Legitimation of Central Bank Independence in the European Union
Democratic Legitimation of Central Bank Independence in the European Union
English | 2021 | ISBN: 3030751147 | 177 Pages | PDF | 3 MB
English | 2021 | ISBN: 3030751147 | 177 Pages | PDF | 3 MB
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.