Year: 2018
Author: Chang, Michele
Credit and Capital Markets – Kredit und Kapital, Vol. 51 (2018), Iss. 1 : pp. 41–53
Abstract
The European Central Bank enjoys a large degree of independence due to the academic and policy consensus that independent central banks achieve better results in the pursuit of price stability. Since the global financial crisis, however, ECB activities now includes broader objectives with redistributive consequences. How can we explain this mission creep? This article considers the expansion of the ECB"s role in euro area governance over the last decade. Using a neofunctionalist framework, it shows the weakness of the traditional argument of the ECB as a technocratic actor and demonstrates how the ECB became one of the most influential institutions in the EU beyond monetary policymaking.
Journal Article Details
Publisher Name: Global Science Press
Language: English
DOI: https://doi.org/10.3790/ccm.51.1.41
Credit and Capital Markets – Kredit und Kapital, Vol. 51 (2018), Iss. 1 : pp. 41–53
Published online: 2018-03
AMS Subject Headings: Duncker & Humblot
Copyright: COPYRIGHT: © Global Science Press
Pages: 13
Keywords: European Central Bank ECB accountability legitimacy neofunctionalism Scientific Papers F5
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| Section Title | Page | Action | Price |
|---|---|---|---|
| Michele Chang: The Creeping Competence of the European Central Bank During the Euro Crisis | 1 |