The ECB's monetary dialogue with the European Parliament:efficiency and accountability during the Euro crisis?

The monetary dialogue between the European Parliament and the ECB is a key component for the democratic accountability of the independent central bank. We provide new evidence for the efficiency of the dialogue and present the results of a survey conducted among the members of the parliament’s ECON committee. We find that while the monetary dialogue may have had little or even negative impact on financial markets, it plays a significant role in informing and involving members of parliament and their constituencies. Amidst an intensifying debate about the transparency of the ECB, these findings shed new light on the current state of affairs of ECB accountability and its alleged need for enhancement.