The European Central Bank's Intricate Independence Versus Accountability Conundrum in the Post-Crisis Governance Framework PDF Download

Author: Fabian Amtenbrink
Publisher:
ISBN:
Category :
Languages : en
Pages :

View

Book Description
In the wake of the European financial and sovereign debt crisis there is a revived interest in the constitutional position of the European Central Bank (ECB) in the European Union legal order, notably its independence and democratic legitimacy. A new generation of researchers, witnessing and in part affected by the course of events during the crisis, is currently discovering this field of research. These contemporary contributions are more than reiterations of debates at the time of the establishment of the European System of Central Banks. Indeed, the (legal) landscape pertaining to the position of the ECB has transformed significantly during the crisis, not only raising concerns about the legitimacy of the position and actions of the ECB, but, somewhat paradoxically, also about the compatibility of its functions and actions with the basic EU Treaty preference for an independent, inflation-averse and thus, conservative central bank. This contribution provides a broader picture of the independence-versus-accountability conundrum in the post-crisis governance framework by discussing main determinants of the independence and democratic legitimacy of the ECB today, as well as identifying risks emanating from the ECB's position in the EU legal order. Based on this assessment areas of improvement are identified.

Author: Bernard J. Laurens
Publisher: INTERNATIONAL MONETARY FUND
ISBN:
Category : Business & Economics
Languages : en
Pages : 300

View

Book Description
In the context of the current global financial crisis, where central banks have taken a key role in preserving systemic stability, this book offers a comprehensive review of the literature, proposes new indices and calculates new measures of the three pillars of central bank governance, which are afterwards applied to global central banks. It argues that, while it may not always be desirable for the central bank to supervise financial institutions, there is a strong case for all central banks not to overlook financial stability issues.--Publisher's description.

Author: Thomas Beukers
Publisher: Oxford University Press
ISBN: 0192644688
Category : Law
Languages : en
Pages : 481

View

Book Description
The European Central Bank (ECB) was first introduced in the European legal order on the occasion of the Treaty of Maastricht (1992). An official EU institution which is governed by EU law, the ECB of modern times differs vastly from its inception in 1998, which manifests in three main ways: monetary policy options, consideration of concerns other than low inflation in its policy-making, and its role in the Banking Union. This edited collection offers a retrospective and prospective account of the ECB, charting its evolution in detail with chapters written by leading academics and practitioners. Part 1 examines the substantive changes to monetary policy introduced by the ECB as a consequence of the financial and sovereign debt crisis by considering their legal basis. Part 2 moves beyond monetary policy by shifting to the new roles that the ECB has been called upon to play, notably in banking supervision and resolution. Parts 3 and 4 deal with transformations to inter- and intra-institutional relations, and take stock of these transformations, reflecting on the nature of the ECB of current times and which direction it could be heading in the future. The authors analyse the most salient and controversial elements of the ECB's crisis response, including unconventional monetary policy measures and the ECB's risk management strategy. Beyond monetary policy, the book further examines the role played by objectives such as financial stability and environmental sustainability, the ECB's relationship to the Lender of Last Resort function, as well as its new responsibilities in the Banking Union.

Author:
Publisher: Oxford University Press
ISBN: 0198915543
Category :
Languages : en
Pages : 1345

View

Book Description

Author: Menelaos Markakis
Publisher: Oxford University Press
ISBN: 0192583956
Category : Law
Languages : en
Pages : 400

View

Book Description
Following the financial and public debt crisis, the EU's Economic and Monetary Union (EMU) has been under intense political scrutiny. The measures adopted in response to the crisis have granted additional powers to the EU (and national) authorities, the exercise of which can have massive implications for the economies of the Member States, financial institutions and, of course, citizens. The following questions arise: how can we hold accountable those institutions that are exercising power at the national and EU level? What is the appropriate level, type and degree of accountability and transparency that should be involved in the development of the EU's governance structures in the areas of fiscal and economic governance and the Banking Union? What is the role of parliaments and courts in holding those institutions accountable for the exercise of their duties? Is the revised EMU framework democratically legitimate? How can we bridge the gap between the citizens - and the institutions that represent them - and those institutions that are making these important decisions in the field of economic and monetary policy? This book principally examines the mechanisms for political and legal accountability in the EMU and the Banking Union. It examines the implications that the reforms of EU economic governance have had for the locus and strength of executive power in the Union, as well as the role of parliaments (and other political fora) and courts in holding the institutions acting in this area accountable for the exercise of their tasks. It further sets out several proposals regarding transparency, accountability, and legitimacy in the EMU.

Author: Christina Eckes
Publisher: Bloomsbury Publishing
ISBN: 1509971602
Category : Law
Languages : en
Pages : 651

View

Book Description
Separation of powers is the time-tested touchstone of the legitimate exercise of power in modern democracies. This collection examines decision-making in the EU's multilayered and polycentric constitutional structure through this lens. The focus on separation of powers reveals how strong executive powers collaborate in the EU as a single source of public power, which is not sufficiently counterbalanced by parliaments or the judiciary. The collection explores 3 policy fields marked by crisis: the economic and monetary union (EMU), migration, and trade. Drawing on expertise from across these sectors, with a strong conceptual thread linking all the contributions, this important work illustrates how different branches of government co-determine each others' powers.

Author: Dariusz Adamski
Publisher: Cambridge University Press
ISBN: 1009364669
Category : Law
Languages : en
Pages : 974

View

Book Description
Written by experts in the field, this volume offers an in-depth and forward-looking legal, economic, and political science analysis of the rationale, main features, as well as the shortcomings of European economic, monetary, and financial integration. It is primarily intended for an academic audience and policymakers.

Author: Paul Craig
Publisher: Oxford University Press, USA
ISBN: 0198859848
Category : Law
Languages : en
Pages : 1391

View

Book Description
Respected as the definitive textbook on the subject, this is the stand-alone guide to EU law. The world-renowned authors offer the ideal balance of commentary, key cases, and materials to provide the most authoritative coverage and analysis. This UK version also includes sections showing how principles apply or don't apply to the UK post-Brexit.

Author: Fabian Amtenbrink
Publisher: Oxford University Press
ISBN: 0192512498
Category : Law
Languages : en
Pages : 1808

View

Book Description
Presenting a sweeping analysis of the legal foundations, institutions, and substantive legal issues in EU monetary integration, The EU Law of Economic and Monetary Union serves as an authoritative reference on the legal framework of European economic and monetary union. The book opens by setting out the broader contexts for the European project - historical, economic, political, and regarding the international framework. It goes on to examine the constitutional architecture of EMU; the main institutions and their legal powers; the core legal provisions of monetary and economic union; and the relationship of EMU with EU financial market and banking regulation. The concluding section analyses the current EMU crisis and the main avenues of future reform.

Author: Ana Bobić
Publisher: Cambridge University Press
ISBN: 1009207989
Category : Law
Languages : en
Pages : 249

View

Book Description
A contribution to legal theories of accountability, this book offers pioneering research on the position of the individual in the EU's Economic and Monetary Union. Its premise is that the EU's response to the financial crisis placed undue emphasis on equality of Member States, to the detriment of political equality of citizens. As a remedy, this book reimagines legal accountability as the vehicle for achieving the common interest, by presenting a novel understanding of the relationship between solidarity and equality. Institutionally, the author argues that, by carrying out intensive review of the duty to state reasons, courts can ensure that decision-makers act in the common interest. The book explores judicial review in financial assistance, the monetary policy mechanisms of the European Central Bank, and the Single Supervisory Mechanism. Looking into the future, it tests its theoretical and normative propositions on the newly established Next Generation EU. This title is also available as Open Access on Cambridge Core.