The limits of legal accountability of the European Central Bank
Publisher: George Mason Law Journal Association, George Mason University School of Law
This article will focus on the state of legal accountability in the relation\ud between the European Court of Justice (“ECJ”) and the European Central\ud Bank (“ECB”) as developed after the unfolding of the so-called Euro Crisis.\ud The underlying hypothesis behind this... View more
3 On the difference between legal and political accountability, see Mark Bovens, Analysing and Assessing Accountability: A Conceptual Framework, 13 EUR. L.J. 447, 445-46 (2007).
4 Sam Y. Cross, Following the Bundesbank: The Spread of Central Bank Independence, 73 FOREIGN AFF. 128, 128-29, 131 (1994) (reviewing DAVID MARSH, THE MOST POWERFUL BANK: INSIDE GERMANY'S BUNDESBANK (1993)).
5 The control of inflation was deemed to be essential in order to avoid the rise of extremist political parties. The experience of the failure of the Weimar republic had suggested the detachment of monetary policy from governmental agencies, in favour of an autonomous and independent institution. See Christopher Alessi, Germany's Central Bank and the Eurozone, COUNCIL ON FOREIGN REL. (Feb. 7, 2013), http://www.cfr.org/world/germanys-central-bank-eurozone/p29934.
6 See KAARLO TUORI & KLAUS TUORI, THE EUROZONE CRISIS: A CONSTITUTIONAL ANALYSIS 222-23 (2014); Rosa Maria Lastra, The Independence of the European System of Central Banks, 33 HARV. INT'L L.J. 475, 477-78, 487-88 (1992) [hereinafter Lastra, Independence of European Central Banks].
7 Rosa M. Lastra, The Evolution of the European Central Bank, 35 FORDHAM INT'L L.J. 1260, 1260 (2012) [hereinafter Lastra, Evolution of the European Central Bank].
8 Id. at 1260-61; see also RENÉ SMITS, THE EUROPEAN CENTRAL BANK IN THE EUROPEAN CONSTITUTIONAL ORDER 5-6 (2003).
9 Consolidated Version of the Treaty on the Functioning of the European Union art. 127(1), May 9, 2008, 2008 O.J. (C 115) 47 [hereinafter TFEU].
10 See Lastra, Independence of European Central Banks, supra note 7 at 1262-74 (describing the objectives and functions of the ECB).
11 TFEU art. 130.
12 Lastra, Independence of European Central Banks, supra note 6, at 477.