Two Sides of the Same Coin? Independence and Accountability of the European Central Bank

Transparency International EU’s in-depth study looks into the ECB’s balance between its expanded mandate, its unrivaled independence, and its accountability. It analyses the transparency provisions, which may compensate a lack of democratic control, and the ECB’s integrity framework, making far-reaching recommendations.Executive summary Key policy recommendations Background Independence in law Independence in practice Case study 1. New Supervisor, Same Old Banks: Monte dei Paschi di Siena Transparency in law Transparency in practice Accountability in law Accountability in practice Case study 2. Fine-tuning Greece: Emergency Liquidity Assistance (ELA) Integrity in law Integrity in practice Methodology Endnote