The Accountability and Transparency of the ECB Since the Euro Crisis

Since the onset of the global financial crisis, the activities of the European Central Bank has expanded considerably to include, among other responsibilities, unconventional monetary policy and banking supervision. Has its accountability structure been able to keep pace? This paper examines the evolution of the Monetary Dialogue and the Banking Dialogue with the European Parliament, the two primary means of accountability for the ECB’s monetary policy and banking supervision, respectively. It draws comparisons with other central banks like the US Federal Reserve and the Bank of England to see if the early criticisms of the ECB as the world’s most independent central bank are still valid and how the ECB has navigated its relationship with the European Parliament compared to other central banks.