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Article: The democratic accountability of the European Central Bank
- Article from:
- Banca Nazionale del Lavoro Quarterly Review
- Article date:
- June 1, 1998
- Author:
CopyrightCopyright BNL Edizioni June 1998. Provided by ProQuest LLC. (Hide copyright information)
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The Democratic Accountability of the European Central Bank* Introduction The European Central Bank (ECB), which has the task of conducting monetary policy for nearly 300 million European citizens and an economy of a size comparable to that of the US, will be one of the most, if not the most, independent central banks.l It is generally recognised that central bank independence should be accompanied by a high degree of accountability - the greater is the independence, the broader must be the scope for accountability. The accountability of the ECB has thus become an issue of increasing interest, not only in the academic world but also in policy fora.
This paper aims at examining the concept ...