The European System of Central Banks: An Autonomous Actor?

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The printing of this volume was only possible with the fmancial support provided by the Anniversary Fund of the Oesterreichische Nationalbank (Austrian National Bank). Furthennore, I would like to thank the Austrian Federal Ministry for Education, Science and Culture for their financial assistance granted for the printing of this volume. In the first place, though, lowe thank to the Research Institute for European Affairs at the Vienna University for Economics and Business Administration (Forschungsinstitut for Europafragen der Wirtschaftsuniversitiit Wien) for supporting the realisation of this book. In particular, the opportunity to present work in progress to the interdisciplinary team of the Institute proved extremely helpful, and gave rise to valuable discussions and comments. In the first place, though, lowe special thanks to Professor Stefan Griller for supporting my work. Of course, the usual disclaimer applies: I alone am responsible for the views and errors in this book. Barbara Dutzler Summary of Contents Part ONE The System and its Powers I. Institutional Structure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 II. The Objectives of the ECB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 III. The ECB's Main Tasks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 Part TWO Controversial Aspects I. The Legal Status of the ESCB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66 II. Democracy and Independence . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . 88 III. Accountability and the ECB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 0 IV. Institutional Balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133 Part THREE Lessons from the Federai Reserve System I. Comparison of the Institutional Structure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 166 II. The Fed's Objectives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 201 III. Accountability Procedures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 213 IV. Checks and Balances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 223 Part FOUR Evaluation and Outlook I. Autonomy or Independence? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 249 II. Justification . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interdisciplinary aspects, combining legal and economic approaches Grounded on a solid theoretical basis A topic of high relevance in the discussion on the future of europe

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Barbara Dutzler

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Decision-Making Process ESCB Economic and Monetary Union European Integration European Law FED Federal Reserve System

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