After the crises and in front of climate change: Should the independence and mandate of the ECB be reviewed?

Etienne Farvaque

Chapter 6 in Central Banking, Monetary Policy, and the European Central Bank, 2025, pp 119-132 from Edward Elgar Publishing

Abstract: In short, the answer to the question in this chapter's title is no. This chapter analyzes the arguments that support a change in central banks’ mandate and degree of independence, notably the European Central Bank (ECB). These have emerged during the recent crises (the Global Financial crisis, the Euro crisis, and the COVID-19 crisis) and in regards to the urgency brought about by climate change.The chapter first lists the arguments. It then provides a critical examination of these. It concludes that no argument is strong enough to warrant a change in either the objective or the independence of central banks, including the ECB.

Keywords: Monetary policy; Independence; Accountability; Mandate; Climate change. (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035324262
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