ecb must face closer democratic scrutiny transparency
Wednesday 9 July 2025
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle

As politicians have loaded more responsibility onto it

ECB must face closer democratic scrutiny: Transparency

Themuslimchronicle, themuslimchronicle

Themuslimchronicle, themuslimchronicleECB must face closer democratic scrutiny: Transparency

The European Central Bank needs to shed more light
Frankfurt am Main - Arab Today

Democratic oversight and accountability must be overhauled at the European Central Bank, which has taken on an increasingly political role since the financial crisis, NGO Transparency International (TI) charged Tuesday.

"The ECB emerged as the decisive actor in the euro crisis, with an extraordinary degree of latitude," the report argues, but "faces a significant decline in public trust" even as politicians have loaded more responsibility onto it, such as bank supervision.

TI grants that the Frankfurt institution has notched up numerous achievements in the years since the crisis, becoming banks' lender of last resort, shutting down financial market speculation against member states, and heading off risks of deflation.

But "each of these achievements has its flip side," the report finds, with the ECB influencing policy in crisis-hit countries like Greece, Spain, Italy and Ireland by making monetary support conditional on economic reforms.

And the bank's "quantitative easing" programme, under which it buys tens of billions of euros in government and corporate bonds per month in a bid to drive up inflation, is "a monetary policy experiment, the distributive, financial and macroeconomic consequences of which vastly exceed conventional monetary policy," TI says.

The NGO calls for the central bank to be made more accountable by requiring political approval from Eurogroup finance ministers and the European Parliament for such controversial measures -- and for its board members to be confirmed by Brussels lawmakers.

Meanwhile, the ECB should be more open about meetings with lobbyists, publish more of its documents and data, update its whistleblowing policy, and more closely probe jobs taken by high-ranking former officials once they leave office, the report finds.

In the long run, TI argues for "fundamental reform of eurozone governance in general and of ECB accountability arrangements in particular".

"It is the duty of European institutions to further strengthen their legitimacy both by reinforcing their democratic accountability and by showing that they meet the objectives they've been entrusted with," ECB president Mario Draghi responded in a statement.

But the central bank also noted that "some of the recommendations in the TI report fall outside the ECB's mandate or are not foreseen in the Treaty" of Maastricht, which created it.

Source: AFP

themuslimchronicle
themuslimchronicle

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

ecb must face closer democratic scrutiny transparency ecb must face closer democratic scrutiny transparency

 



Themuslimchronicle, themuslimchronicle

GMT 17:53 2016 Wednesday ,27 January

England, South Africa have work ahead

GMT 08:28 2011 Thursday ,06 October

Anderson to host Sinatra-themed benefit

GMT 14:55 2017 Wednesday ,15 March

Coach stresses difficulty against Bidvest

GMT 14:00 2017 Wednesday ,18 October

Afaf Sherif Crowned Winner of Arab Reading Challenge

GMT 07:14 2017 Saturday ,07 October

US to sell $15 bn THAAD missile defense

GMT 15:23 2017 Tuesday ,28 February

IOF arrest 18 Palestinians during night raids

GMT 15:46 2013 Friday ,27 December

Rubaie recalls Saddam Hussein\'s end

GMT 09:02 2017 Tuesday ,07 February

'Art has no borders, no color, no creed'

GMT 20:10 2017 Tuesday ,24 October

Jordan’s King Abdallah receives Moqtada Sadr

GMT 06:04 2018 Friday ,19 January

Pope focuses on migrants at final Chile mass

GMT 00:01 2012 Sunday ,01 January

Melanie Griffith in Oversized Flower

GMT 14:15 2018 Thursday ,11 January

Award-winning Pakistani journalist

GMT 08:39 2018 Thursday ,11 January

Aston Martin targets London float

GMT 22:31 2014 Thursday ,18 December

Al-Babtain Library marks World Arabic Language Day
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
 
 Themuslimchronicle Facebook,themuslimchronicle facebook  Themuslimchronicle Twitter,themuslimchronicle twitter Themuslimchronicle Rss,themuslimchronicle rss  Themuslimchronicle Youtube,themuslimchronicle youtube  Themuslimchronicle Youtube,themuslimchronicle youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

muslimchronicle muslimchronicle muslimchronicle muslimchronicle
themuslimchronicle themuslimchronicle themuslimchronicle
themuslimchronicle
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
themuslimchronicle, themuslimchronicle, themuslimchronicle