The evolution of the ECB’s accountability practices during the crisis

Nicolò Fraccaroli, Alessandro Giovannini and Jean-Francois Jamet ()

Economic Bulletin Articles, 2018, vol. 5

Abstract: This article examines the evolution of the ECB’s accountability practices during the financial crisis. After describing the challenges stemming from the crisis and changes resulting from the conferral of new supervisory tasks on the ECB, it provides evidence on how the strengthening of the ECB’s accountability has taken shape in the context of its relationship with the European Parliament in line with the latter’s key role as provided for in the Treaties. The ECB and the European Parliament, building on the accountability framework enshrined in primary law, have increased the frequency of their interactions, made innovations regarding the format and sharpened the focus of their exchanges, allowing increased scrutiny of the ECB’s policies. This has provided the ECB with more opportunities to explain its decisions and demonstrate that it is acting in accordance with its democratic mandate, which is a fundamental pillar of its legitimacy. JEL Classification: E52, E58

Keywords: central bank accountability; central banks; European Central Bank; European Parliament (search for similar items in EconPapers)
Date: 2018-08
Note: 2244726
References: Add references at CitEc
Citations: View citations in EconPapers (11)

Downloads: (external link)
https://www.ecb.europa.eu//pub/economic-bulletin/a ... art201805_01.en.html (text/html)

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:ecb:ecbart:2018:0005:1

Access Statistics for this article

More articles in Economic Bulletin Articles from European Central Bank 60640 Frankfurt am Main, Germany. Contact information at EDIRC.
Bibliographic data for series maintained by Official Publications ().