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This short monograph examines the tense relationship between
central bank independence and democratic legitimation, which has
changed as the European Central Bank (ECB) has been entrusted with
new tasks and faced unprecedented challenges. The financial and
sovereign debt crisis, in particular, has affected the ECB's
position within the Economic and Monetary Union without substantial
changes in the Union's legal framework. However, the evolution of
an institution primarily obligated to maintain price stability into
an actor involved in sustaining financial stability, performing
banking supervision and supporting economic policy raises the
question of whether the high level of autonomy granted to the ECB
is justified with regard to the principle of democracy that demands
adequate accountability and control. This book identifies
requirements for the democratic legitimation of central bank action
in relation to specific tasks. Further, it analyses other scales of
independence encountered in EU law in order to allow readers to
gain a better conceptual understanding of central bank
independence.
This short monograph examines the tense relationship between
central bank independence and democratic legitimation, which has
changed as the European Central Bank (ECB) has been entrusted with
new tasks and faced unprecedented challenges. The financial and
sovereign debt crisis, in particular, has affected the ECB's
position within the Economic and Monetary Union without substantial
changes in the Union's legal framework. However, the evolution of
an institution primarily obligated to maintain price stability into
an actor involved in sustaining financial stability, performing
banking supervision and supporting economic policy raises the
question of whether the high level of autonomy granted to the ECB
is justified with regard to the principle of democracy that demands
adequate accountability and control. This book identifies
requirements for the democratic legitimation of central bank action
in relation to specific tasks. Further, it analyses other scales of
independence encountered in EU law in order to allow readers to
gain a better conceptual understanding of central bank
independence.
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