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legitimacy. A new generation of researchers, witnessing and in part affected by the course of events during the crisis, is … the ECB has transformed significantly during the crisis, not only raising concerns about the legitimacy of the position … discussing main determinants of the independence and democratic legitimacy of the ECB today, as well as identifying risks …
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The ruling of the German Federal Constitutional Court and its call for conducting and communicating proportionality assessments regarding monetary policy have been the subject of some controversy. However, it can also be understood as a way to strengthen the de-facto independence of the European...
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potential to further transform the role, power, legitimacy, and future of independent central banks. The first is the evolution …
Persistent link: https://www.econbiz.de/10014344815
Taking a normative approach this paper identifies and develops basic principles for the good governance of central banks, namely independence, democratic accountability and transparency. In doing so the paper focuses on the arrangements surrounding the primary task of a central bank, i.e. the...
Persistent link: https://www.econbiz.de/10012766417
Drawing on the 2016 update of the IMF's Central Bank Legislation Database, this paper examines differences in central bank legal frameworks before and after the Global Financial Crisis. Examples from select countries show that many central bank laws have undergone changes in objectives,...
Persistent link: https://www.econbiz.de/10012956503
Economists often prescribe that countries seeking economic development should embrace the principle of the rule of law. I want to suggest that we listen to our own advice and apply it to our monetary and financial system. The principle of the rule of law could usefully guide us in resolving the...
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