The democratic accountability of central banks

About this book

"The question of central bank independence and its impact on economic performance has been closely studied, and evidence has emerged of a global trend towards more independent central banks. However the equally important question of democratic accountability has been by and large ignored. This study sets out to correct that imbalance. The study offers an explanation of what the concept means in the context of central banks, and criteria by which to evaluate the democratic accountability of central banks are suggested. The present system of democratic accountability in a number of central bank systems is scrutinized, and contrasted against possible future models for the ECB. The author asks whether and to what extent the ECB will be democratically accountable, to what extent reinforcement might be required, what influence will this have on monetary policy, and the extent to which existing democratic mechanisms in the Member States are likely to remain applicable."--BOOK JACKET.