Who needs accountability?

Accountability is a central concept in legal studies of the European Central Bank (ECB). It is seen as necessary to improve the democratic legitimacy of the bank. This article presents two arguments why the emphasis on (democratic) accountability is problematic with regard to the ECB. First, accountability does not offer a clear normative standard, as it is not constitutionally embedded. The discussions on ECB accountability therefore do not engage with the issue that a low level of accountability is itself the result of democratic decision-making. Second, accountability-studies neglect the intertwinement of tasks of the monetary and fiscal policy makers and thereby neglect the key mechanism through which an independent central bank is connected to other public entities.