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We serve the people of Europe: reimagining the ECB's political master in the wake of its emergency politics

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  • Lokdam, Hjalte

Abstract

In the wake of the Euro crisis, the mission statement on the European Central Bank's (ECB) website was changed from ‘Our mission is to serve Europe's citizens’ to ‘Our mission is to serve the people of Europe’. This article situates this discursive shift within a broader change of the ECB's self-presentation in public discourses and explores its meaning in terms of political theory and public law. The article argues that the shift represents a response to the perceived necessity of reimagining the ECB's foundation of legitimate governmental authority following its exercise of emergency powers during the Euro crisis. The discourse emphasizes an organic link between the ECB and ‘the people of Europe’ as a political subject able to authorize previously unauthorized governmental practices such as the outright monetary transactions programme. It reflects, furthermore, a new governing philosophy that stresses flexibility and discretion rather than strict adherence to rules in the ECB's exercise of power.

Suggested Citation

  • Lokdam, Hjalte, 2020. "We serve the people of Europe: reimagining the ECB's political master in the wake of its emergency politics," LSE Research Online Documents on Economics 111873, London School of Economics and Political Science, LSE Library.
    • Handle: RePEc:ehl:lserod:111873
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    File URL: http://eprints.lse.ac.uk/111873/
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    References listed on IDEAS

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    6. Winkler Adalbert, 2015. "The ECB as Lender of Last Resort: Banks versus Governments," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 235(3), pages 329-341, June.
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    Cited by:

    1. Ehrmann, Michael & Blinder, Alan & De Haan, Jakob & ,, 2022. "Central Bank Communication with the General Public: Promise or False Hope?," CEPR Discussion Papers 17441, C.E.P.R. Discussion Papers.
    2. Jonathan White, 2023. "Constitutionalizing the EU in an Age of Emergencies," Journal of Common Market Studies, Wiley Blackwell, vol. 61(3), pages 781-796, May.
    3. Muireann O'Dwyer, 2022. "Gender and Crises in European Economic Governance: Is this Time Different?," Journal of Common Market Studies, Wiley Blackwell, vol. 60(1), pages 152-169, January.
    4. Jens van ‘t Klooster & Nik de Boer, 2023. "What to Do with the ECB's Secondary Mandate," Journal of Common Market Studies, Wiley Blackwell, vol. 61(3), pages 730-746, May.
    5. Dmitry A. Ruban & Natalia N. Yashalova, 2021. "Lost in Missions? Employees as a Top Strategic Priority of the World’s Biggest Banks," JRFM, MDPI, vol. 14(2), pages 1-11, January.

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    More about this item

    Keywords

    European Central Bank; Euro crisis; OMT; sovereignty; emergency politics;
    All these keywords.

    JEL classification:

    • F3 - International Economics - - International Finance
    • G3 - Financial Economics - - Corporate Finance and Governance

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