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)
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.
- European Central Bank
- Democratic Legitimacy
- Monetary Policy
- Single Supervisory Mechanism
- European Systemic Risc Board
- democratic legitimation
- Institutional Independence
- Concept of Legitimation
- Democratic Accountability
- Financial Stability and Financial Supervision
- 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
Customs Anti-Money Laundering Measures (Division III A 6), Federal Ministry of Finance, Berlin, Germany
About the authors
Dr. 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.
Book Title: Democratic Legitimation of Central Bank Independence in the European Union
Authors: Cornelia Manger-Nestler, Markus Gentzsch
Publisher: Springer Cham
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