Reference : The democratic deficit and European Central Bank crisis monetary policies.

	Document type :	Scientific journals : Article
	Discipline(s) :	Law, criminology & political science : Political science, public administration & international relations
	Focus Areas :	Law / European Law
	To cite this reference:	http://hdl.handle.net/10993/39259

Title :	The democratic deficit and European Central Bank crisis monetary policies.
Language :	English
Author, co-author :	Högenauer, Anna-Lena [University of Luxembourg > Faculty of Language and Literature, Humanities, Arts and Education (FLSHASE) > Identités, Politiques, Sociétés, Espaces (IPSE) >]
	Howarth, David [University of Luxembourg > Faculty of Language and Literature, Humanities, Arts and Education (FLSHASE) > Identités, Politiques, Sociétés, Espaces (IPSE) >]
Publication date :	1-Apr-2019
Journal title :	Maastricht Journal of European and Comparative Law
Peer reviewed :	Yes
Audience :	International
Keywords :	[en] European Union ; European Central Bank ; democratic deficit ; legitimacy ; transparency ; eurozone crisis
Abstract :	[en] This article presents the argument that European Central Bank (ECB) policy-making from the start of the sovereign debt crisis in 2010 undermined the democratic legitimacy of the ECB. We start with the argument – defended by a number of scholars including Majone and Moravcsik – that where European Union (EU) policy-making is technocratic and does not have significant redistributive implications it can benefit from depoliticization that does not undermine the democratic legitimacy of this policy-making. This is notably the case where EU institutions have narrow mandates and are constrained by super-majoritarian decision-making. Prior to the international financial crisis, the ECB’s monetary policies were shaped entirely by the interpretation that its mandate was primarily to ensure low inflation. From the outbreak of the sovereign debt crisis, the ECB adopted a range of policies which pushed its role well beyond that interpretation and engaged in a form of redistribution that directly undermined treaty provisions.
Target :	Researchers ; Professionals ; Students ; General public
Permalink :	http://hdl.handle.net/10993/39259
DOI :	10.1177/1023263X18824776
Mentions required by the publisher for OA :	The original article is available on the website of the Maastricht Journal of European and Comparative Law, https://journals.sagepub.com/doi/full/10.1177/1023263X18824776.

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