The European Central Bank Before the European Parliament: Theory and Practice After Ten Years of Monetary Dialogue

European Law Review, No. 4, pp. 561-583, 2009

Posted: 5 Jun 2009 Last revised: 5 Nov 2009

See all articles by Fabian Amtenbrink

Fabian Amtenbrink

Erasmus University Rotterdam - Erasmus School of Law

Kees P.S. Van Duin

affiliation not provided to SSRN

Date Written: June 3, 2009

Abstract

Since its establishment in 1998, the European Central Bank (ECB) has come of age. During this period, its legal framework has been put to the test sufficiently to allow for a proper assessment of the working of this system in practice. This article focuses on the relationship between the ECB and the only directly democratically elected Community institution that is the European Parliament (EP). In doing so, the authors are inspired by the well-established line of research in US academic writing on the relationship between the US Federal Reserve and Congress. What emerges from this analysis is that the relationship between the ECB and the EP in what has become known as the monetary dialogue has significantly matured over time. The focus of parliamentary scrutiny has shifted from the ECB’s ability to maintain price stability, uncertainty about the Bank’s general mission and discomfort with the level of transparency of its decision making process to more general discussions on economic policy. However, apart from the fact that the EP’s instruments to discipline the ECB are limited, serious doubts can be raised as to the extent to which this dialogue actually amounts to an effective review of the performance of the ECB. The Treaty of Lisbon, if and when it comes into force, will not substantially alter the current practice.

Keywords: European Union, European Central Bank, European Parliament, central bank independence, democratic accountability, monetary dialogue, committee on economic and monetary affairs, monetary experts panel

JEL Classification: K1, K33, E6, F02

Suggested Citation

Amtenbrink, Fabian and Van Duin, Kees P.S., The European Central Bank Before the European Parliament: Theory and Practice After Ten Years of Monetary Dialogue (June 3, 2009). European Law Review, No. 4, pp. 561-583, 2009, Available at SSRN: https://ssrn.com/abstract=1413718

Fabian Amtenbrink (Contact Author)

Erasmus University Rotterdam - Erasmus School of Law ( email )

3000 DR Rotterdam
Netherlands
+31104081573 (Phone)

Kees P.S. Van Duin

affiliation not provided to SSRN ( email )

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