The article points out that monetary stability does not hinge upon formal central bank independence. The reason is that the legislator can easily restrict that independence by changing the law. Because the EU council as the true legislator does not face effective supervision by the citizens it...

While complementing the EMU with the necessary rules mandating budget discipline at domestic level, the fiscal compact inevitably affects the autonomy both of national parliaments and executive powers, as well as the life of millions of European citizens. A culture of financial stability...

The European Central Bank (ECB) was built in Phase Two Economic and Monetary Union (EMU) in 1998. This institution performs tasks in line with its primary objective to maintain price stability, the rules of the EC Treaty and the Statute of the European System of Central Banks (ESCB). The ECB has...