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Zilioli, Chiara; Riso, Antonio Luca --- "New tasks and central bank independence: the Eurosystem experience" [2018] ELECD 322; in Conti-Brown, Peter; Lastra, M. Rosa (eds), "Research Handbook on Central Banking" (Edward Elgar Publishing, 2018) 155

Book Title: Research Handbook on Central Banking

Editor(s): Conti-Brown, Peter; Lastra, M. Rosa

Publisher: Edward Elgar Publishing

ISBN: 9781784719210

Section: Chapter 9

Section Title: New tasks and central bank independence: the Eurosystem experience

Author(s): Zilioli, Chiara; Riso, Antonio Luca

Number of pages: 29

Abstract/Description:

This chapter focuses on the scope of the principle of central bank independence in the legal framework of the European Union, which has established such principle at constitutional level for both the European Central Bank (ECB) and the national central banks (NCBs) to ensure the highest level of legitimacy. On the depth of central bank independence, the chapter offers a review of the debate between those who are concerned that monetary policy decisions have been taken out of democratic control, and those arguing that only a central bank that is independent from political power can maintain a stable currency for the benefit of the citizens and that the ECB’s accountability has been ensured through several legal requirements and practices . With regard to the scope of central bank independence, this chapter analyses the question whether this principle extends to additional tasks which have been conferred, in particular after the crisis, upon the NCBs and the ECB, including in particular micro-prudential supervision, and whether the conferral of these new tasks could jeopardize central bank independence.