The Democratic Accountability of Central Banks
With the signing of the Treaty on European Union (TEU) in 1993, the member states of the EU agreed to create an Economic and Monetary Union (EMU) and a signal currency area. As a result, the role of the central banks as formulators of monetary policy will change. The banks will become the executive arm of the European Central Bank (ECB) and will implement its decisions in the member states. This vital shift calls for a fresh assessment of the independence status of the ECB. In this study, the present system of democratic accountagbility in a number of central bank systems is scrutinized and contrasted against possible future models for the ECB.
Publication Date: 3/19/1999
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