European Central Bank – independence, transparency and accountability

Marius Herbei and Florin Dumiter
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Marius Herbei: West University of Timisoara
Florin Dumiter: West University Vasile Goldis of Arad

Finante - provocarile viitorului (Finance - Challenges of the Future), 2010, vol. 1, issue 11, 73-78

Abstract: The European Central Bank (ECB) is the embodiment of modern central banking: the overriding objective of its monetary policy is price stability; it is independent within a clear and precise mandate; and it is fully accountable to the citizens and their elected representatives for the execution of this mandate. These features are not necessarily the result of purely European developments; they are in line with the worldwide trend. However, almost nowhere are these features spelled out so clearly and firmly than in the organic law of the ECB, the Statute of the European System of Central Banks (ESCB) and of the ECB. Their embodiment in the EC Treaty, with quasi-constitutional status, underlines their importance in the new monetary regime of Europe. The codification of central bank law in the EC Treaty and the Statute of the ESCB is likely to serve as a benchmark for central bank law outside the EU: Switzerland, for example, has recently revised its National Bank Act along the lines of the Statute of the ESCB.

Keywords: European Central Bank; transparency; efficiency (search for similar items in EconPapers)
JEL-codes: E52 E58 (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:aio:fpvfcf:v:1:y:2010:i:11:p:73-78

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