ECB executive board member Yves Mersch with scheduled speech in Fft 4 Sept
Speech entitled: "Aligning accountability with sovereignty in the European Union: the ECB's experience"
"It is of crucial importance to what we do at the ECB. With the ratification of the EU Treaties, the citizens of Europe made us independent and gave us a clear mandate. So it is entirely legitimate that we are held to account. We need to be able to show that we continue to act in accordance with our mandate; we do not need to enter into a contentious debate about changing it.
In fact, the demand for accountability has been increasing across advanced economies and across institutions. It's a trend that reflects questions stemming from the crisis as well as societal and technological change - people want more answers, more quickly. But we need to be mindful that direct, instant and constant communication does not necessarily translate into stronger accountability. In our constitutional democracies, parliaments and courts provide fundamental checks and balances, for good reasons.
The increased attention and stronger scrutiny we are facing at the ECB also reflects the growing importance and more direct impact of decisions taken at European level. Citizens in Europe witness the power exercised by EU institutions - and they want to be able to see that it is not wielded arbitrarily or from behind closed doors"
Nothing on mon pol.
Full speech here
ECB's Mersch - Trust returning gradually
