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This paper argues that, despite the substantial independence offered by the Maastricht Treaty, the ESCB will wish to bind itself by a set of voluntary rules in the conduct of monetary policy. This binding will occur because of the demands of policy itself. The ESCB as such has no history of a...
Persistent link: https://www.econbiz.de/10005190770
A striking asymmetry defines the European Central Bank (ECB)’s approach to democratic accountability. Today’s ECB makes … time, the central bank continues to hew closely to the Treaty’s scarce democratic accountability provisions. In this … policy strategy has not been matched with enhanced accountability arrangements between the ECB and the European Parliament …
Persistent link: https://www.econbiz.de/10014357895
stability. With growing powers, there is a correspondent demand for transparency of its decisions. This research presents an …, particularly the transparency of its decisions. The Ombudsman is an entity responsible for investigating complaints about poor … on expanding the transparency of monetary and financial governance in the eurozone. The Ombudsman tends to adopt …
Persistent link: https://www.econbiz.de/10012007724
accountability through transparency leads to a lower expected rate of inflation and less stabilization of supply shocks …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 …
Persistent link: https://www.econbiz.de/10011418852
stability. With growing powers, there is a correspondent demand for transparency of its decisions. This research presents an …, particularly the transparency of its decisions. The Ombudsman is an entity responsible for investigating complaints about poor … on expanding the transparency of monetary and financial governance in the eurozone. The Ombudsman tends to adopt …
Persistent link: https://www.econbiz.de/10012271250
Since its inception, the European Central Bank (ECB) has regarded communication as anintegral part of its monetary policy. This paper describes and evaluates ECB communications during the first decade of its operation.We conclude that, overall, ECB communication has contributed to the...
Persistent link: https://www.econbiz.de/10004983366
accountability through transparency leads to a lower expected rate of inflation and less stabilization of supply shocks …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 …
Persistent link: https://www.econbiz.de/10010295694
Media coverage of monetary policy actions is a central channel of a central bank’s communication with the wider public, and thus an important factor for its credibility and policy effectiveness. This paper analyses the coverage which ECB monetary policy decisions receive in the print media,...
Persistent link: https://www.econbiz.de/10011604725
accountability through transparency leads to a lower expected rate of inflation and less stabilization of supply shocks …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 …
Persistent link: https://www.econbiz.de/10005083087
Central bank transparency has become the topic of a lively public and academic debate on monetary policy. Unfortunately …, it has been complicated by the fact that transparency is a qualitative concept that is hard to measure. This Paper … proposes a comprehensive index for central bank transparency that comprises the political, economic, procedural, policy and …
Persistent link: https://www.econbiz.de/10005123819