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Can A Less Boring ECB Remain Accountable?

Author

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  • Jean Pisani-Ferry
  • Jakob von Weizsäcker

Abstract

Through Bruegel's role on the Monetary Experts Panel for the European Parliament's Committee on Economic and Monetary Affairs, Bruegel scholars contributed to the Committee's Monetary Dialogue with the European Central Bank meeting on 28 September. In this briefing paper for the Panel, Director Jean Pisani-Ferry and Resident Fellow Jakob von Weizsäcker point out that, in the wake of the financial crisis, the ECB will take on much more responsibility for macro-prudential supervision of the financial system. With this added responsibility, however, comes serious questions about the mechanisms in place to ensure the ECB's accountability. Previously focused almost solely on price stability, the ECB will now likely be asked to increase its discretionary decision-making, especially in dealing with financial regulation. The accompanying accountability questions, the authors say, need to be addressed proactively.

Suggested Citation

  • Jean Pisani-Ferry & Jakob von Weizsäcker, 2009. "Can A Less Boring ECB Remain Accountable?," Policy Contributions 326, Bruegel.
  • Handle: RePEc:bre:polcon:326
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    References listed on IDEAS

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    1. Crowe, Christopher & Meade, Ellen E., 2008. "Central bank independence and transparency: Evolution and effectiveness," European Journal of Political Economy, Elsevier, vol. 24(4), pages 763-777, December.
    2. Eijffinger, Sylvester C.W. & Geraats, Petra M., 2006. "How transparent are central banks?," European Journal of Political Economy, Elsevier, vol. 22(1), pages 1-21, March.
    3. Benassy-Quere, Agnes & Coeure, Benoit & Jacquet, Pierre & Pisani-Ferry, Jean, 2010. "Economic Policy: Theory and Practice," OUP Catalogue, Oxford University Press, number 9780195322736.
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    Cited by:

    1. Guntram B. Wolff, 2011. "The Euro area's macroeconomic balancing act," Policy Contributions 555, Bruegel.

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