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Central Bank Independence and Monetary Policy

In: Current Economic Issues in EU Integration

Author

Listed:
  • Mark Baimbridge

    (University of Bradford)

  • Jeffrey Harrop

    (University of Bradford)

  • George Philippidis

    (University of Bradford
    Centro de Investigacion y Tecnologia Agroalimentaria de Aragon (CITA))

Abstract

The European Central Bank (ECB) is a creation of the Treaty on European Union (TEU), which designed it to be the most independent monetary authority in the world. The ECB’s architects sought to insulate it completely from political pressures, both at the national government and at the Economic and Monetary Union (EMU)-zone level. The position of the ECB under the TEU permits no clear accountability to national nor federal European institutions. It stipulates that the ECB Council’s deliberations remain confidential, whilst the only method of questioning the ECB’s policies is through periodic reports to the European Parliament.

Suggested Citation

  • Mark Baimbridge & Jeffrey Harrop & George Philippidis, 2004. "Central Bank Independence and Monetary Policy," Palgrave Macmillan Books, in: Current Economic Issues in EU Integration, chapter 5, pages 79-98, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-59816-4_5
    DOI: 10.1057/9780230598164_5
    as

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