How is the ECB accountable for its actions?

10 July 2015

The ECB’s actions affect the 340 million people and millions of businesses in the euro area – to be precise, their decisions to save or to invest, to borrow or to lend. That is why it is, and needs to be, accountable, and strives to explain its actions to the public and their elected representatives as well as others such as the media and financial markets.

Formally, the ECB, as an EU institution, is accountable to the people of Europe through the European Parliament. This requirement is laid down in the European Union Treaties, which also specify the different channels of accountability, including a regular dialogue between the ECB President and the European Parliament.

Besides fulfilling the legal obligations, Executive Board members regularly review economic developments, monetary policy and other key issues in speeches and interviews with the media. These are published, mainly in English, on the website; some are translated into one or more languages. Since the beginning of 2015, the ECB has also published accounts of the Governing Council’s monetary policy meetings to further enhance transparency about its actions, in addition to the press conference that follows every monetary policy meeting.