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European Central Bank – independence, transparency and accountability

Author

Listed:
  • Marius HERBEI

    (West University of Timisoara)

  • Florin DUMITER

    (West University Vasile Goldis of Arad)

Abstract

The European Central Bank (ECB) is the embodiment of modern central banking: the overriding objective of its monetary policy is price stability; it is independent within a clear and precise mandate; and it is fully accountable to the citizens and their elected representatives for the execution of this mandate. These features are not necessarily the result of purely European developments; they are in line with the worldwide trend. However, almost nowhere are these features spelled out so clearly and firmly than in the organic law of the ECB, the Statute of the European System of Central Banks (ESCB) and of the ECB. Their embodiment in the EC Treaty, with quasi-constitutional status, underlines their importance in the new monetary regime of Europe. The codification of central bank law in the EC Treaty and the Statute of the ESCB is likely to serve as a benchmark for central bank law outside the EU: Switzerland, for example, has recently revised its National Bank Act along the lines of the Statute of the ESCB.

Suggested Citation

  • Marius HERBEI & Florin DUMITER, 2010. "European Central Bank – independence, transparency and accountability," Finante - provocarile viitorului (Finance - Challenges of the Future), University of Craiova, Faculty of Economics and Business Administration, vol. 1(11), pages 73-78, May.
    • Handle: RePEc:aio:fpvfcf:v:1:y:2010:i:11:p:73-78
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    More about this item

    Keywords

    European Central Bank; transparency; efficiency;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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