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Independence and accountability of the ECB
About this film
Update May 9, 2016: For the most up to date analysis, see my free book Little Guide to the European Union , in particular the chapter about the accountability and independence of the ECB . Outline institutional independence sufficiency of output legitimacy accountability based on the inflation target incoherence of European economic policy Prerequisite EU301: The economic governance of the European Union. 1 Transcript One of the constitutional principles of the European Union is the horizontal separation of powers. This is achieved through the operational independence of the institution tasked with a state function. For instance, the European Commission, which is the Union’s deciding implementing executive, is independent from the European Parliament and vice versa. 2 The European Central Bank or else ECB partakes of this principle. It enjoys institutional independence commensurate with its role as the supreme monetary authority in the Economic and Monetary Union. Its status as independent is protected by the European Treaties and, therefore, is as permanent as any legal provision can get. 3 European leaders have agreed to this arrangement under the assumption that a central bank o…
Directors & creators
Protesilaos Stavrou
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