A European Credit Council for Consistent and Informed Policymaking

Smoleńska Agnieszka ()
Additional contact information
Smoleńska Agnieszka: Institute of Law Studies, Polish Academy of Sciences, Warszawa, 00-901, Poland

Accounting, Economics, and Law: A Convivium, 2024, vol. 14, issue 4, 505-518

Abstract: In Banque Providence Eric Monnet draws on the history of central banking to investigate the problem of insufficient democratic anchoring of monetary policy. It is a very timely contribution, especially as the choices that the central bankers will face in the near future are bound to get ever more political. This article discusses Monnet’s proposals to increase central bank legitimacy through common deliberation of monetary policy authorities and economic policymakers, in particular in relation to EU’s credit policy. I draw on the rich literature on interinstitutional accountability to identify conditions for such an EU Credit Council to be fit for purpose. I further identify two specific EU contexts where further deliberation would be particularly called for: the differentiated monetary and internal market (credit) policies and the Green Deal. With regard to the first, I show how an EU Credit Council could help deepen our understanding of the mutual impact of advancing EU banking integration and continued existence of multiple currency regimes. With regard to the second, I discuss clarifications and adjustments needed in the EU legal framework to ensure that further policy coordination on financing the transition within such a Credit Council would facilitate the achievement of EU’s sustainability goals.

Keywords: central banking; EU banking integration; European Central Bank; sustainable finance; foreign currency loans (search for similar items in EconPapers)
JEL-codes: E5 G18 O52 (search for similar items in EconPapers)
Date: 2024
References: Add references at CitEc
Citations:

Downloads: (external link)
https://doi.org/10.1515/ael-2022-0065 (text/html)
For access to full text, subscription to the journal or payment for the individual article is required.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bpj:aelcon:v:14:y:2024:i:4:p:505-518:n:1002

Ordering information: This journal article can be ordered from
https://www.degruyter.com/journal/key/ael/html

DOI: 10.1515/ael-2022-0065

Access Statistics for this article

Accounting, Economics, and Law: A Convivium is currently edited by Reuven S. Avi-Yonah, Yuri Biondi and Shyam Sunder

More articles in Accounting, Economics, and Law: A Convivium from De Gruyter
Bibliographic data for series maintained by Peter Golla ().