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The European Central Bank and Legitimacy
Is the ECB a Modification of or an Exception to the Principle of Democracy?

Päivi Leino ^*

• 1. The Sovereign of Monetary Policy
• 2. Legislative Powers of the ECB
  • 2.1. Independent and Accountable - Independent or Accountable?
  • 2.2. Price Stability versus Fundamental Rights
  • 2.3. Restrictive Exceptions to the General Principle of Transparency?
  • 2.4. The ECJ - Lack of Expertise Results in Nominal Revisory Power
• 3.Aspects of Legitimacy and Democracy
  • 3.1. Principle of Reversibility as a Justification
  • 3.2. Through Democracy towards Greater Legitimacy
  • 3.3. Supervisory Mechanisms and Legitimacy
• 4. Conclusions
• Selected Bibliography

* M.Pol.Sc. (international law), Åbo Akademi University, Finland; LL.M. candidate, London School of Economics and Political Science.
This paper was concluded on August 8, 2000 and subsequent changes have not been considered. The author would like to thank Professor Markku Suksi and Lic.Pol.Sc. Kurt Långkvist for their comments and encouragement. The author has exclusive responsibility for all views, errors and omissions.
Comments are invited to Paivi.Leino@abo.fi.

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© Päivi Leino 2000