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Democratic Legitimation of Central Bank Independence in the European Union

  • Discusses new developments, especially those resulting from the financial and sovereign debt crisis

  • Compares the different scales of independence

  • Written in a concise and easy-to-read style

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Table of contents (6 chapters)

  1. Front Matter

    Pages i-xiv
  2. Introduction

    • Cornelia Manger-Nestler, Markus Gentzsch
    Pages 1-5
  3. Central Bank Independence and Democracy

    • Cornelia Manger-Nestler, Markus Gentzsch
    Pages 7-25
  4. Dimensions of Independence in the Various Tasks of the ECB

    • Cornelia Manger-Nestler, Markus Gentzsch
    Pages 27-92
  5. Independence as a Structural Characteristic of European Union Law

    • Cornelia Manger-Nestler, Markus Gentzsch
    Pages 93-116
  6. Democratic Legitimation and Control of Central Bank Action

    • Cornelia Manger-Nestler, Markus Gentzsch
    Pages 117-163
  7. Conclusion

    • Cornelia Manger-Nestler, Markus Gentzsch
    Pages 165-167

About this book

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. 

Keywords

  • European Central Bank
  • Democratic Legitimacy
  • Monetary Policy
  • Single Supervisory Mechanism
  • European Systemic Risc Board
  • ECB
  • SSM
  • ESRB
  • democratic legitimation
  • ESCB
  • Eurosystem
  • Institutional Independence
  • Democracy
  • Concept of Legitimation
  • Democratic Accountability
  • Financial Stability and Financial Supervision
  • TFEU
  • European System of Central Banks
  • Economic and Monetary Union EMU
  • European Stability Mechanism ESM

Authors and Affiliations

  • Faculty of Business Administration and Industrial Engineering, Leipzig University of Applied Sciences (HTWK Leipzig), Leipzig, Germany

    Cornelia Manger-Nestler

  • Customs Anti-Money Laundering Measures (Division III A 6), Federal Ministry of Finance, Berlin, Germany

    Markus Gentzsch

About the authors

‚ÄčDr. Cornelia Manger-Nestler, LL.M. (Eur. Int.), is full professor of German and International Economic and Business Law at the Faculty of Business Administration and Industrial Engineering at Leipzig University of Applied Sciences (HTWK Leipzig).

Markus Gentzsch was research assistant at the chair of German and International Economic and Business Law at the Faculty of Business Administration and Industrial Engineering at Leipzig University of Applied Sciences (HTWK Leipzig) and is now desk officer at the Federal Ministry of Finance.


Bibliographic Information

  • Book Title: Democratic Legitimation of Central Bank Independence in the European Union

  • Authors: Cornelia Manger-Nestler, Markus Gentzsch

  • DOI: https://doi.org/10.1007/978-3-030-75115-9

  • Publisher: Springer Cham

  • eBook Packages: Law and Criminology, Law and Criminology (R0)

  • Copyright Information: The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2021

  • Hardcover ISBN: 978-3-030-75114-2Published: 30 May 2021

  • Softcover ISBN: 978-3-030-75117-3Published: 31 May 2022

  • eBook ISBN: 978-3-030-75115-9Published: 29 May 2021

  • Edition Number: 1

  • Number of Pages: XIV, 167

  • Number of Illustrations: 1 b/w illustrations

  • Topics: European Law, European Politics, Financial Services, International Organization

Buy it now

Buying options

eBook USD 109.00
Price excludes VAT (USA)
  • Available as EPUB and PDF
  • Read on any device
  • Instant download
  • Own it forever
Softcover Book USD 139.99
Price excludes VAT (USA)
  • Compact, lightweight edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info
Hardcover Book USD 139.99
Price excludes VAT (USA)
  • Durable hardcover edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Other ways to access