Photo of ECB President Mario Draghi

The European Central Bank – independent and unaccountable?

  • Basic EU law sets the ECB’s independence above legal and political accountability
  • This was not problematic until the past decade, when the bank’s powers grew dramatically
  • The ECB’s internal safeguards may not suffice without effective external audit

For the past few years, a dialogue of the deaf has been going on between the European Court of Auditors (ECA) and the European Central Bank (ECB). The first institution keeps accusing the second of holding back useful data concerning the supervision of Europe’s largest banks. Without this information, the ECA claims it is unable to properly assess the ECB’s “operational efficiency of crisis management” and thus feels impeded in exercising its mission as defined by the Treaty of the Functioning of the European Union (TFEU).

By law, the ECB is excluded from the democratic process to protect it from political interference. This has made the Frankfurt-based institution one of the world’s most independent central banks. But striking the right balance between the ECB’s independence and its (legal and political) responsibility to account for its actions is far from being settled in practice.

Unlock the report
8.95 EUR
 
Secure, instant payment by credit card
Professor Elisabeth Krecké
Excluding the ECB from the democratic process by law is supposed to protect it from political interference
read more about it in the report
What's inside
  • Basic EU law sets the ECB’s independence above legal and political accountability
  • This was not problematic until the past decade, when the bank’s powers grew dramatically
  • The ECB’s internal safeguards may not suffice without effective external audit
Who will benefit?
  • Report is targeted to the decision makers in cross country manufacturing – suppliers, manufacturers, logistics.
  • Also considered useful for the administrative university facilities, to better understand the possibe effects of current decisions.
By clicking "I Agree" below, you acknowledge that you accept our Privacy Policy and Terms and conditions. Feel free to check out our policies anytime for more information.
I agree