Democratic Legitimation Of Central Bank Independence In The European Union

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Democratic Legitimation of Central Bank Independence in the European Union

Cornelia Manger-Nestler,Markus Gentzsch
Democratic Legitimation of Central Bank Independence in the European Union Book PDF

Author : Cornelia Manger-Nestler,Markus Gentzsch
Publisher : Springer Nature
Page : 177 pages
File Size : 41,9 Mb
Release : 2021-05-29
Category : Law
ISBN : 9783030751159

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Democratic Legitimation of Central Bank Independence in the European Union by Cornelia Manger-Nestler,Markus Gentzsch Pdf

This short monograph examines the tense relationship between central bank independence and democratic legitimation, which has changed as the European Central Bank (ECB) has been entrusted with new tasks and faced unprecedented challenges. The financial and sovereign debt crisis, in particular, has affected the ECB's position within the Economic and Monetary Union without substantial changes in the Union's legal framework. However, the evolution of an institution primarily obligated to maintain price stability into an actor involved in sustaining financial stability, performing banking supervision and supporting economic policy raises the question of whether the high level of autonomy granted to the ECB is justified with regard to the principle of democracy that demands adequate accountability and control. This book identifies requirements for the democratic legitimation of central bank action in relation to specific tasks. Further, it analyses other scales of independence encountered in EU law in order to allow readers to gain a better conceptual understanding of central bank independence.

Central Bank Independence

Jan Kleineman
Central Bank Independence Book PDF

Author : Jan Kleineman
Publisher : BRILL
Page : 238 pages
File Size : 51,5 Mb
Release : 2021-10-18
Category : Law
ISBN : 9789004481305

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Central Bank Independence by Jan Kleineman Pdf

In December 1999, prior to the forming of a Stockholm Centre for Commercial Law, an international symposium entitled Central Bank Independence was held at the Department of Law at Stockholm University in co-operation with the Swedish Central Bank (The Riksbank) and Queen Mary and Westfield College, London University. The participants were principally political, economic and legal specialists in the field, all with considerable international experience. This led to the topic being examined in detail from many different perspectives. This publication includes contributions by the participants and contains many important facts for those readers who wish to study and understand the different consequences of the yielding of control over financial policymaking by the traditional political organisations to a body of experts. For readers in some countries, who realise that the subject will revolutionise traditional Constitutional and Administrative Law, the topic and therefore this publication, cannot be ignored.

Balance of Power

Éric Monnet
Balance of Power Book PDF

Author : Éric Monnet
Publisher : University of Chicago Press
Page : 212 pages
File Size : 43,7 Mb
Release : 2024-04-23
Category : Business & Economics
ISBN : 9780226825472

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Balance of Power by Éric Monnet Pdf

Central banks now stand between societies and collapse, but are they still democratic? Two decades of financial crises have dramatically expanded central banks’ powers. In 2008, and then again in 2020, unelected banking officials found themselves suddenly responsible for the public welfare—not just because it was necessary but based on an idea that their independence from political systems would insulate them from the whims of populism. Now, as international crises continue and the scope of monetary interventions grows in response, these bankers have become increasingly powerful. In Balance of Power, economist and historian Éric Monnet charts the rise of central banks as the nominally independent—but unavoidably political—superpowers of modern societies. This trajectory, Monnet argues, is neither inevitable nor unstoppable. By embracing the political natures of today’s central banks, we can construct systems of accountability for how they interact with states and societies. Monnet shows that this effort will do more than guard against unjust power; it will put the banks to work for greater, more democratic ends. With existential challenges looming and the work of the Federal Reserve and European Central Bank more important than ever, Balance of Power offers a trenchant case for what this century’s central banks can—and must—become.

Independence and Legitimacy in the Institutional System of the European Union

Dominique Ritleng
Independence and Legitimacy in the Institutional System of the European Union Book PDF

Author : Dominique Ritleng
Publisher : Oxford University Press
Page : 300 pages
File Size : 53,5 Mb
Release : 2016-02-11
Category : Law
ISBN : 9780191082450

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Independence and Legitimacy in the Institutional System of the European Union by Dominique Ritleng Pdf

As EU non-majoritarian bodies such as the European Commission, the Court of Justice of the European Union, and the European Central Bank grow in political influence, many have identified the pressing need to keep these bodies accountable to the repositories of the EU's democratic legitimacy. This collection of essays sheds light on the inherent tension between independence and legitimacy in the EU's institutional system and explores the options of reconciling the two. Featuring analysis from both legal and political perspectives, the volume assesses whether, to what extent, and how it is possible to control the various EU independent bodies and make them answerable for what they do, while at the same time upholding their independence.

The European Central Bank between the Financial Crisis and Populisms

Corrado Macchiarelli,Mara Monti,Claudia Wiesner,Sebastian Diessner
The European Central Bank between the Financial Crisis and Populisms Book PDF

Author : Corrado Macchiarelli,Mara Monti,Claudia Wiesner,Sebastian Diessner
Publisher : Springer Nature
Page : 197 pages
File Size : 51,9 Mb
Release : 2020-08-25
Category : Political Science
ISBN : 9783030443481

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The European Central Bank between the Financial Crisis and Populisms by Corrado Macchiarelli,Mara Monti,Claudia Wiesner,Sebastian Diessner Pdf

​In light of the handover from the European Central Bank President Mario Draghi to Christine Lagarde in November 2019, this book provides an in-depth analysis of the events which unfolded since the euro area sovereign debt crisis in 2010 up until today. The book focuses on the far-reaching implications of the last decade, shedding light on a wide spectrum of political, economic and financial aspects of the European poly-crises and how monetary policy reacted to these challenges. The book places particular emphasis on the tensions that the supranational central bank was subject to during this period, and on their outcomes in terms of the policies, their legitimacy, and their public reception. As such, this book will be relevant not only to understand the political implications of the past crisis but also, and foremost, in understanding "what is next".

The Democratic Accountability of Central Banks

Fabian Amtenbrink
The Democratic Accountability of Central Banks Book PDF

Author : Fabian Amtenbrink
Publisher : Hart Publishing
Page : 472 pages
File Size : 40,6 Mb
Release : 1999-03-19
Category : Business & Economics
ISBN : STANFORD:36105110237356

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The Democratic Accountability of Central Banks by Fabian Amtenbrink Pdf

European Monetary Union will lead directly to the transfer of authority over monetary policy from Member States to the European System of Central Banks. This volume explores the implications of such a shift.

Experts and Democratic Legitimacy

Eva Krick,Cathrine Holst
Experts and Democratic Legitimacy Book PDF

Author : Eva Krick,Cathrine Holst
Publisher : Routledge
Page : 283 pages
File Size : 51,5 Mb
Release : 2020-05-21
Category : Political Science
ISBN : 9781000740516

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Experts and Democratic Legitimacy by Eva Krick,Cathrine Holst Pdf

Experts and Democratic Legitimacy challenges the technocratic reading of expert bodies, such as central banks, advisory committees and regulatory agencies. Expert contributors ask in what way expert bodies are subject to some of the key pressures in contemporary governance, such as democratisation, politicisation and expertisation. Based on empirical studies, the book traces the multiple social ties of expert bodies and refines the common perception of expert bodies as ‘de-politicised’ institutions that are detached from political interference and societal input. It further theorises the tension and reconcilability between reliable, independent expert knowledge on the one hand and the need for accountability and legitimacy in modern policy-making on the other hand. Refining the detached, de-politicised image of non-majoritarian institutions, Experts and Democratic Legitimacy will be of great interest to scholars of European studies, political and social theory, modern governance and policy-making. This book was originally published as a special issue of European Politics and Society.

The European Central Bank

Jakob De Haan,Sylvester C. W. Eijffinger,Sandra Waller
The European Central Bank Book PDF

Author : Jakob De Haan,Sylvester C. W. Eijffinger,Sandra Waller
Publisher : MIT Press
Page : 277 pages
File Size : 54,7 Mb
Release : 2005-04-15
Category : Business & Economics
ISBN : 9780262262453

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The European Central Bank by Jakob De Haan,Sylvester C. W. Eijffinger,Sandra Waller Pdf

An examination of the debates on European Central Bank monetary policy, focusing on issues of transparency, credibility, and accountability and the effect of the ECB's decentralized structure. The adoption of the euro in 1999 by 11 member states of the European Union created a single currency area second in economic size only to the United States. The euro zone's monetary policy is now set by the European Central Bank (ECB) and its Governing Council rather than by individual national central banks. This CESifo volume examines issues that have arisen in the first years of ECB monetary policy and analyzes the effect that current ECB policy strategy and structures may have in the future. After a detailed description and assessment of ECB monetary policy making that focuses on such issues as price stability and the predictability of policy decisions, the book turns to two important issues faced by European central bankers: the transparency and credibility of decision making and the ECB's decentralized structure. After showing that transparency in decision making enhances credibility, the book discusses the ECB's efforts at openness, its political independence as guaranteed by law, and its ultimate accountability. The book then considers the effects of the decentralized ECB structure, focusing on business cycle synchronization, inflation differentials, and differences in monetary policy transmission in light of the enlargement of the monetary union. The book also discusses options for ECB institutional reforms, including centralization, vote weighting, and cross-border regional banks.

Unelected Power

Paul Tucker
Unelected Power Book PDF

Author : Paul Tucker
Publisher : Princeton University Press
Page : 662 pages
File Size : 45,7 Mb
Release : 2019-09-10
Category : Business & Economics
ISBN : 9780691196305

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Unelected Power by Paul Tucker Pdf

Tucker presents guiding principles for ensuring that central bankers and other unelected policymakers remain stewards of the common good.

Legal Aspects of the European System of Central Banks

Liber Amicorum,European Central Bank
Legal Aspects of the European System of Central Banks Book PDF

Author : Liber Amicorum,European Central Bank
Publisher : Unknown
Page : 414 pages
File Size : 54,8 Mb
Release : 2005
Category : Banking law
ISBN : 9291817015

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Legal Aspects of the European System of Central Banks by Liber Amicorum,European Central Bank Pdf

"The book contains a collection of articles on the European Union and the European System of Central Banks (ESCB), the Eurosystem, monetary law, central bank independence and central bank statutes as well as on financial law. The authors are current or former members of the Legal Committee of the ESCB (LEGCO). This book commemorates ten years of work by the Working Group of Legal Experts of the European Monetary Institute and by the LEGCO. It is dedicated to Mr Paolo Zamboni Garavelli, former Head of the Legal Department at the Banca d'Italia and member of LEGCO, who died in 2004."--Editor.

Financial Crisis Management and Democracy

Bettina De Souza Guilherme,Christian Ghymers,Stephany Griffith-Jones,Andrea Ribeiro Hoffmann
Financial Crisis Management and Democracy Book PDF

Author : Bettina De Souza Guilherme,Christian Ghymers,Stephany Griffith-Jones,Andrea Ribeiro Hoffmann
Publisher : Springer Nature
Page : 372 pages
File Size : 46,8 Mb
Release : 2020-12-09
Category : Business & Economics
ISBN : 9783030548957

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Financial Crisis Management and Democracy by Bettina De Souza Guilherme,Christian Ghymers,Stephany Griffith-Jones,Andrea Ribeiro Hoffmann Pdf

This open access book discusses financial crisis management and policy in Europe and Latin America, with a special focus on equity and democracy. Based on a three-year research project by the Jean Monnet Network, this volume takes an interdisciplinary, comparative approach, analyzing both the role and impact of the EU and regional organizations in Latin America on crisis management as well as the consequences of crisis on the process of European integration and on Latin America’s regionalism. The book begins with a theoretical introduction, exploring the effects of the paradigm change on economic policies in Europe and in Latin America and analyzing key systemic aspects of the unsustainability of the present economic system explaining the global crises and their interconnections. The following chapters are divided into sections. The second section explores aspects of regional governance and how the economic and financial crises were managed on a macro level in Europe and Latin America. The third and fourth sections use case studies to drill down to the impact of the crises at the national and regional levels, including the emergence of political polarization and rise in populism in both areas. The last section presents proposals for reform, including the transition from finance capitalism to a sustainable real capitalism in both regions and at the inter-regional level of EU-LAC relations.The volume concludes with an epilogue on financial crises, regionalism, and domestic adjustment by Loukas Tsoukalis, President of the Hellenic Foundation for European and Foreign Policy (ELIAMEP). Written by an international network of academics, practitioners and policy advisors, this volume will be of interest to researchers and students interested in macroeconomics, comparative regionalism, democracy, and financial crisis management as well as politicians, policy advisors, and members of national and regional organizations in the EU and Latin America.

The Currency of Ideas

Kathleen R. McNamara
The Currency of Ideas Book PDF

Author : Kathleen R. McNamara
Publisher : Cornell University Press
Page : 211 pages
File Size : 53,7 Mb
Release : 2019-06-30
Category : Political Science
ISBN : 9781501711930

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The Currency of Ideas by Kathleen R. McNamara Pdf

Why have the states of Europe agreed to create an Economic and Monetary Union (EMU) and a single European currency? What will decide the fate of this bold project? This book explains why monetary integration has deepened in Europe from the Bretton Woods era to the present day. McNamara argues that the development of a neoliberal economic policy consensus among European leaders in the years after the first oil crisis was crucial to stability in the European Monetary System and progress towards EMU. She identifies two factors, rising capital mobility and changing ideas about the government's proper role in monetary policymaking, as critical to the neoliberal consensus but warns that unresolved social tensions in this consensus may provoke a political backlash against EMU and its neoliberal reforms.McNamara's findings are relevant not only to European monetary integration, but to more general questions about the effects of international capital flows on states. Although this book delineates a range of constraints created by economic interdependence, McNamara rejects the notion that international market forces simply dictate government policy choice. She demonstrates that the process of neoliberal policy change is a historically dependent one, shaped by policymakers' shared beliefs and interpretations of their experiences in the global economy.

Democratic Politics in a European Union Under Stress

Olaf Cramme,Sara Binzer Hobolt
Democratic Politics in a European Union Under Stress Book PDF

Author : Olaf Cramme,Sara Binzer Hobolt
Publisher : Oxford University Press, USA
Page : 273 pages
File Size : 47,7 Mb
Release : 2015
Category : Political Science
ISBN : 9780198724483

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Democratic Politics in a European Union Under Stress by Olaf Cramme,Sara Binzer Hobolt Pdf

This book offers the first comprehensive political analysis of the Euro crisis that erupted in Greece in 2010 and subsequently threatened the very survival of the Euro area. It has left a profound mark on democratic politics all over Europe, changing public attitudes and voting preferences, institutional and societal norms, and deeply anchored political traditions. The contributors to this volume reveal the extent to which policymakers are torn between the pressures emanating from financial markets and the demands put forward by their own constituents; how they struggle to reconcile national preferences with wider European interests; and how a polarized and politicized Union seeks to maintain some degree of cohesion. The emerging picture is that of a European Union under serious stress, transformed by new governance structures and a shifting balance of power. In response, the authors evaluate the prospects of a more legitimate and democratic Europe. They provide a rich and pluralist set of new analyses and proposals, aimed at understanding and navigating the myriad tensions which surround the EU in the aftermath of the crisis. If the European project is to regain the trust of its citizens, such considerations must take a central place in public debate.

Independence and Legitimacy in the Institutional System of the European Union

Dominique Ritleng
Independence and Legitimacy in the Institutional System of the European Union Book PDF

Author : Dominique Ritleng
Publisher : Oxford University Press
Page : 242 pages
File Size : 41,7 Mb
Release : 2016
Category : Law
ISBN : 9780198769798

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Independence and Legitimacy in the Institutional System of the European Union by Dominique Ritleng Pdf

With many EU non-majoritarian bodies growing in political influence, this volume sheds light on the inherent tension between independence and legitimacy in the EU's institutional system, and explores ways to reconcile the two.

The European Central Bank

D. Howarth,Peter Loedel
The European Central Bank Book PDF

Author : D. Howarth,Peter Loedel
Publisher : Springer
Page : 272 pages
File Size : 42,9 Mb
Release : 2004-12-17
Category : Business & Economics
ISBN : 9780230503113

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The European Central Bank by D. Howarth,Peter Loedel Pdf

David Howarth and Peter Loedel provide a theoretically inspired account of the creation, design and operation of the European Central Bank. Issues explored include the theoretical approaches to the ECB, the antecedents of European monetary authority, the different national perspectives on central bank independence, the complex organization of the bank, the issues of accountability and the difficult first years of the ECB in operation.