Download or read book On the Legitimacy and Democratic Accountability of the European Central Bank written by Fabian Amtenbrink and published by . This book was released on 2009 with total page 0 pages. 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.
Download or read book Democratic Legitimation of Central Bank Independence in the European Union written by Cornelia Manger-Nestler and published by Springer Nature. This book was released on 2021-05-29 with total page 177 pages. 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.
Download or read book Accountability and Legitimacy in the European Union written by Anthony Arnull and published by Oxford University Press, USA. This book was released on 2002 with total page 562 pages. Available in PDF, EPUB and Kindle. Book excerpt: The European Union's growing accountability deficit threatens to undermine its legitimacy; accordingly, member states have agreed to negotiate a new set of Treaty changes in 2004. These essays consider various aspects of accountability and legitimacy in the European Union.
Download or read book The Illusion of Accountability in the European Union written by Sverker Gustavsson and published by Routledge. This book was released on 2009-09-11 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines accountability in the EU from different perspectives and considers whether EU citizens have real opportunities for holding decision-makers accountable. This book critically analyses five arguments which claim there are sufficient means for holding decision-makers to account in the Union. The main conclusion is that the current institutional set-up and practice of decision-making in the EU is one that merely creates an illusion of accountability. Using a strict framework focusing on the difference between formal mechanisms and actual opportunities for accountability, this highly coherent volume will be of interest to students and scholars of European politics, especially those interested in the democratic foundations of the European political system. Chapter 1 of this book is freely available as a downloadable Open Access PDF at http://www.taylorfrancis.com under a Creative Commons Attribution-Non Commercial-No Derivatives (CC-BY-NC-ND) 4.0 license.
Download or read book Accountability in the Economic and Monetary Union written by Menelaos Markakis and published by Oxford University Press. This book was released on 2020-04-02 with total page 400 pages. 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.
Download or read book The Accountability of Expertise written by Erik O. Eriksen and published by Routledge. This book was released on 2021-07-26 with total page 231 pages. Available in PDF, EPUB and Kindle. Book excerpt: Based on in-depth studies of the relationship between expertise and democracy in Europe, this book presents a new approach to how the un-elected can be made safe for democracy. It addresses the challenge of reconciling modern governments’ need for knowledge with the demand for democratic legitimacy. Knowledge-based decision-making is indispensable to modern democracies. This book establishes a public reason model of legitimacy and clarifies the conditions under which unelected bodies can be deemed legitimate as they are called upon to handle pandemics, financial crises, climate change and migration flows. Expert bodies are seeking neither re-election nor popularity, they can speak truth to power as well as to the citizenry at large. They are unelected, yet they wield power. How could they possibly be legitimate? This book is of key interest to scholars and students of democracy, governance, and more broadly to political and administrative science as well as the Science Technology Studies (STS).
Download or read book The Democratic Accountability of Central Banks written by Fabian Amtenbrink and published by Hart Publishing. This book was released on 1999-03-19 with total page 472 pages. Available in PDF, EPUB and Kindle. Book excerpt: European Monetary Union will lead directly to the transfer of authority over monetary policy from Member States to the European System of Central Banks. This volume explores the implications of such a shift.
Download or read book Central Bank Independence written by Jan Kleineman and published by BRILL. This book was released on 2021-10-18 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: In December 1999, prior to the forming of a Stockholm Centre for Commercial Law, an international symposium entitled Central Bank Independence was held at the Department of Law at Stockholm University in co-operation with the Swedish Central Bank (The Riksbank) and Queen Mary and Westfield College, London University. The participants were principally political, economic and legal specialists in the field, all with considerable international experience. This led to the topic being examined in detail from many different perspectives. This publication includes contributions by the participants and contains many important facts for those readers who wish to study and understand the different consequences of the yielding of control over financial policymaking by the traditional political organisations to a body of experts. For readers in some countries, who realise that the subject will revolutionise traditional Constitutional and Administrative Law, the topic and therefore this publication, cannot be ignored.
Download or read book The European Central Bank and Legitimacy written by and published by . This book was released on 2000 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In general, EC law is adopted through different procedures where the Council, the European Parliament and the Commission have varying competence and functions. The ECB, however, adopts norms with the same legal status but independently of both the other EC organs and Member States. The fact that the ECB cannot function effectively with more restricted powers has not been questioned. Therefore it becomes necessary to consider the relationship between its independence and accountability. A central bank requires a high level of unpredictability in order to succeed in its objective and therefore it becomes difficult to consult other instances when taking decisions. Against this background the ECB is hardly too independent. So far the Bank has not taken measures that could be criticised as unfounded or over-reaching. On the contrary, the ECB has every now and then been described as too careful and moderate in its actions. On second thought, also this can be seen as failure.
Download or read book The European Central Bank between the Financial Crisis and Populisms written by Corrado Macchiarelli and published by Springer Nature. This book was released on 2020-08-25 with total page 197 pages. Available in PDF, EPUB and Kindle. Book excerpt: In light of the handover from the European Central Bank President Mario Draghi to Christine Lagarde in November 2019, this book provides an in-depth analysis of the events which unfolded since the euro area sovereign debt crisis in 2010 up until today. The book focuses on the far-reaching implications of the last decade, shedding light on a wide spectrum of political, economic and financial aspects of the European poly-crises and how monetary policy reacted to these challenges. The book places particular emphasis on the tensions that the supranational central bank was subject to during this period, and on their outcomes in terms of the policies, their legitimacy, and their public reception. As such, this book will be relevant not only to understand the political implications of the past crisis but also, and foremost, in understanding "what is next".
Download or read book Independence and Legitimacy in the Institutional System of the European Union written by Dominique Ritleng and published by Oxford University Press. This book was released on 2016 with total page 242 pages. Available in PDF, EPUB and Kindle. Book excerpt: As EU non-majoritarian bodies such as the European Commission, the Court of Justice of the European Union, and the European Central Bank grow in political influence, many have identified the pressing need to keep these bodies accountable to the repositories of the EU's democratic legitimacy. This collection of essays sheds light on the inherent tension between independence and legitimacy in the EU's institutional system and explores the options of reconciling the two. Featuring analysis from both legal and political perspectives, the volume assesses whether, to what extent, and how it is possible to control the various EU independent bodies and make them answerable for what they do, while at the same time upholding their independence.
Download or read book The European Central Bank s Intricate Independence Versus Accountability Conundrum in the Post Crisis Governance Framework written by Fabian Amtenbrink and published by . This book was released on 2019 with total page pages. 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.
Download or read book Problem Solving Effectiveness and Democratic Accountability in the EU written by Fritz W. Scharpf and published by . This book was released on 2006 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The European Central Bank written by D. Howarth and published by Springer. This book was released on 2003-05-14 with total page 292 pages. 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.
Download or read book Unelected Power written by Paul Tucker and published by Princeton University Press. This book was released on 2019-09-10 with total page 662 pages. Available in PDF, EPUB and Kindle. Book excerpt: Tucker presents guiding principles for ensuring that central bankers and other unelected policymakers remain stewards of the common good.
Download or read book The Democratic Accountability of Central Banks written by Fabian Amtenbrink and published by . This book was released on 1998 with total page 421 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The European Parliament as an Accountability Forum written by Adina Akbik and published by Cambridge University Press. This book was released on 2022-02-03 with total page 253 pages. Available in PDF, EPUB and Kindle. Book excerpt: An examination of executive actors' accountability for EU economic decisions in the aftermath of the euro crisis.
