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From Encyclopedia Britannica

Central Bank Accountability and Transparency
In contrast to the concept of central bank independence, there is no consensus in the literature about the concept of central bank accountability. Various authors have different views on the definition and crucial elements of democratic accountability. In a general sense, we define accountability as meaning that policy makers can and will be held to account for economic performance of the targets in their care. In other words, policy makers will be held responsible for how close indicators for the economic performance come to the target values set. In a democratic society, parliament represents the views of the electorate. Therefore... more...

Related Topics: European Parliament, European Fiscal Compact, European sovereign-debt crisis, Eurozone, History of the European Union, European Union