Which are the new frontiers in central banking? Which things have changed in the aftermath of the financial, economic … and sovereign debt crisis? These are questions raised frequently by central bankers, academics and interested observers …

The European Central Bank has implemented a very ambitious monetary policy since the financial crisis of 2008 …, intervening heavily in the eurozone economies. This policy has generated substantial risks to both the ECB’s primary task and its …

The first part of this paper outlines the concept of democratic accountability of central banks, and compares the legal … accountability of the ECB with some other central banks (Bank of Canada, Bank of Japan, Bank of England and the Federal Reserve … System). In the second part, we present a theory of central bank accountability. Two aspects of accountability are considered …