Recent developments in the law of the European Central Bank

Summary:

It starts by analysing, once again and in the light of the latest developments, the legal nature of the European Central Bank (ECB), the scope of its independence and the ECB's relationship with the Community institutions, in particular with the Community legislature. It then takes a close look at the evolution of the relationship between the ECB and the national central banks of the EU Member States within the European System of Central Banks (ESCB) to assess in particular whether the legal provisions of the EC Treaty and the Statute, which subordinate national central banks to the governance of the ECB, have been properly implemented and observed in practice.

Finally, it dedicates some attention to the ECB’s recent international activities, which are evidence of the growing international importance of the euro and are on the way to make the ECB an as important central bank on the world stage.