In this paper we argue that, in substance, the Quantitative Easing (QE) programmes introduced by central banks around the world amount to monetary financing of government deficits. As such, these programmes are unlawful under the Treaty on the Functioning of the European Union (TFEU). However,...

This paper analyses the European Central Bank's (ECB) advisory role related to proposed Community and national legislation falling within ECB's fields of competence, with a particular focus on the consultation procedure. The consultation procedure involves parties that are under an obligation to...

The EC Treaty obliges Community and (both functionally and geographically decentralized) national authorities to consult the ECB before adopting any legislation in its fields of competence. Failure to consult the ECB can render any disputed rules void. This paper explores the relevant primary...

This chapter summarizes the case for considering money as a legal institution. The Western liberal tradition, represented here by John Locke’s iconic account of money, describes money as an item that emerged from barter before the state existed. Considered as an historical practice, money is...

This paper takes stock of external audit arrangements at central banks. Its focus is on the annual audit of central bank financial statements, as well as legal and institutional measures that support audit quality and independence. The paper outlines good practices in these areas and provides a...