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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
The replacement of a multi-currency system by a single currency on the basis of the European Economic and Monetary Unit is the stage in the same integration and convergence process; monetary policy that recently was the matter of each state was handed over to the European Central Bank. A...
Persistent link: https://www.econbiz.de/10009478178
drawbacks the potential absence of accountability by the monetary authority. Then, beyond defining an alternative legal central … independence and accountability degrees. With that data, we confirm previous studies, showing evidence of a de jure negative … relationship between central bank independence and democratic accountability, though not as strong as it is usually argued. Still …
Persistent link: https://www.econbiz.de/10004969279
Abstract: In a greatly interdependent world economy, the number of global and regional public goods, from financial stability to sustainable growth, quickly increase and call for greater global and regional collective action. This paper tries to understand which mechanisms, if any, have been...
Persistent link: https://www.econbiz.de/10009147480
Persistent link: https://www.econbiz.de/10009761974
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
accountability forums between 2014 and 2021. The paper shows that there has been discursive convergence between central bankers and …
Persistent link: https://www.econbiz.de/10013279438
Persistent link: https://www.econbiz.de/10011946085