The Evolution of the ECB's Accountability Practices During the Crisis

Economic Bulletin Articles, European Central Bank, vol. 5

26 Pages Posted: 24 Apr 2019

See all articles by Nicolò Fraccaroli

Nicolò Fraccaroli

Brown University - Watson Institute for International and Public Affairs; University of Rome Tor Vergata, Faculty of Economics, Department of Economics, Law and Institutions

Alessandro Giovannini

European Central Bank (ECB) - Directorate General International and European Relations

Jean-Francois Jamet

European Central Bank (ECB)

Date Written: August 9, 2018

Abstract

This article examines the evolution of the ECB’s accountability practices during the financial crisis. After describing the challenges stemming from the crisis and changes resulting from the conferral of new supervisory tasks on the ECB, it provides evidence on how the strengthening of the ECB’s accountability has taken shape in the context of its relationship with the European Parliament in line with the latter’s key role as provided for in the Treaties. The ECB and the European Parliament, building on the accountability framework enshrined in primary law, have increased the frequency of their interactions, made innovations regarding the format and sharpened the focus of their exchanges, allowing increased scrutiny of the ECB’s policies. This has provided the ECB with more opportunities to explain its decisions and demonstrate that it is acting in accordance with its democratic mandate, which is a fundamental pillar of its legitimacy.

Keywords: Central Bank Accountability, Central Banks, European Central Bank, European Parliament

JEL Classification: E52, E58

Suggested Citation

Fraccaroli, Nicolò and Giovannini, Alessandro and Jamet, Jean-Francois, The Evolution of the ECB's Accountability Practices During the Crisis (August 9, 2018). Economic Bulletin Articles, European Central Bank, vol. 5, Available at SSRN: https://ssrn.com/abstract=3360271

Nicolò Fraccaroli

Brown University - Watson Institute for International and Public Affairs ( email )

111 Thayer Street
Box 1970
Providence, RI 02912-1970
United States

HOME PAGE: http://https://watson.brown.edu/rhodes/people/nicol-fraccaroli

University of Rome Tor Vergata, Faculty of Economics, Department of Economics, Law and Institutions ( email )

Via Columbia, 2
Rome, 00133
Italy

HOME PAGE: http://https://sites.google.com/view/nfraccaroli/home

Alessandro Giovannini

European Central Bank (ECB) - Directorate General International and European Relations ( email )

Kaiserstrasse 29
D-60311 Frankfurt am Main
Germany

Jean-Francois Jamet (Contact Author)

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

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