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Photo of ECB President Mario Draghi

The European Central Bank – independent and unaccountable?

Since its creation in 1998, the European Central Bank has earned a reputation as one of the world’s most independent monetary policy authorities. Unlike its peers, the ECB has no fiscal counterpart pressuring it to manipulate interest rates. Yet as the scope of its activities and global influence have expanded, mechanisms for insuring its transparency and accountability have not always kept up.

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