ECB independence and accountability today: Towards a (necessary) redefinition? 1
| Author | Phedon Nicolaides,Paul Dermine,Klaus Tuori,Diane Fromage |
| Published date | 01 February 2019 |
| Date | 01 February 2019 |
| DOI | http://doi.org/10.1177/1023263X19827819 |
| Subject Matter | Introduction |
Introduction
ECB independence
and accountability today:
Towards a (necessary)
redefinition?
1
Diane Fromage*, Paul Dermine*, Phedon Nicolaides *
and Klaus Tuori**
Abstract
This introductory article sets the ground for the analysis performed in the articles included in this
Special Issue. It shows why a new analysis of the European Central Bank (ECB)’s accountability is
required by referring to recent developments, and by underlining how much the ECB’s role and
standing have changed since its creation 20 years ago. Indeed, its resorting to unconventional
monetary policies in response to the recent economic and financial crisis, as well as the creation of
the Banking Union, have significantly affected the ECB. This introduction also recalls the main
elements of the debate on the balance between accountability and independence, and shows how
this balance has evolved. On the basis of the findings of the articles included in this Special Issue,
some conclusions and hypotheses as to the way forward are formulated.
Keywords
European Central Bank, accountability, independence, Banking Union, Unconventional Monetary
policy
1. This Special Issue is the result of an initiativefunded by the Law Faculty of Maastricht University, the Universiteitsfonds
Limburg (SWOL) and the Centre for European Research in Maastricht (CERiM – a Jean Monnet Centre of Excellence
funded by the ErasmusþProgramme of the European Union).
* Maastricht University, The Netherlands
** TIAS, Finland
Corresponding author:
Paul Dermine, Maastricht University, Faculty of Law, Maastricht LH6 211, The Netherlands.
E-mail: paul.dermine@maastrichtuniversity.nl
Maastricht Journal of European and
Comparative Law
2019, Vol. 26(1) 3–16
ªThe Author(s) 2019
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DOI: 10.1177/1023263X19827819
maastrichtjournal.sagepub.com
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