Face to face with the facts, it’s difficult not to conclude that the European Central Bank has become the most successful institution of the euro system.
It certainly has been the most prepared to launch initiatives meant to counter economic stagnation in Europe.
These covered a truly pan-European perspective and not just a national one.
Which made them harder to decide; more difficult to get agreement about; and even more difficult to implement and assess.
Under the Bank’s current president, but also his predecessor, the Bank took decisions that provided leadership to the eurosystem.
Some were controversial — still are.
But they needed to be taken.
I am one of those who agree with the decisons of the past few years.
However it has become obvious that the European Central Bank has accumulated substantial political power, even if it restricts itself to technocratic discourse.
One could claim that this power exceeds the mandate given to it under the existing treaties.
That power will be widening as a result of the responsibilties entrusted to the Bank under the provisions of the banking union.
Nor do the Bank’s leaders have to deal with a countervailing power having the same strnegth as the U.S. Treasury in the dollar monetary system.
The quality of the ECB’s decision making is not the issue.
But it is a question of asking whether a power vacuum has been allowed to develop in euro monetary decision making; whether this has been occupied by the European Investment Bank; whether this is a good idea; and whether we should seek to balance better the political power secured by the European Central Bank, in the interests of democratic accountability.

Maltese Version

Wi─ő─ő imb’wi─ő─ő mal-fatti, hu diffi─őli li ma tikkonkludix li l-Bank ─Őentrali Ewropew qed isir l-aktar istituzzjoni ta’ su─ő─őess fis-sistema tal-ewro.
─Őertament qed ikun l-aktar korp im─žejji biex ivara inizjattivi ma─žsuba ─žalli jilqg─žu g─žall-ista─ínar ekonomiku fl-Ewropa.
Dawn tassew qed jittellqu minn perspettiva s─ži─ža Ewropea u mhumiex maqbuda f’xi linja nazzjonali.
G─žalhekk id-de─ői┼╝joni dwarhom kienet aktar iebsa; aktar diffi─őli biex tlestiha; u aktar diffi─őli biex twettaqha u tkejjilha.
Ta─žt il-president attwali tal-Bank, imma wkoll ta─žt il-prede─őessur tieg─žu, il-Bank ─ža de─ői┼╝jonjiet li pprovdew tmexxija lis-sistema tal-ewro.
U─žud kienu u g─žadhom kontroversjali.
Imma kellhom jittie─ždu.
Jien wie─žed minn dawk li jaqblu mad-de─ői┼╝jonijiet tal-a─ž─žar snin.
Madankollu, saret ─ža─ía ─őara li Bank ─Őentrali Ewropew ─íemma’ fi ─ždanu poter politiku sostanzjali, anki jekk jibqa’ fil-limiti ta’ diskors teknokratiku.
Wie─žed jista’ jifhem li dal-poter je─ő─őedi l-mandat mog─žti lilu mit-trattati e┼╝istenti.
Hu poter li se jkompli jinfirex b’ri┼╝ultat tar-responsabbiltajiet mg─žoddija lill-Bank ta─žt il-provedimenti tal-unjoni bankarja.
Fl-istess ─žin, il-mexxejja tal-Bank mhux qed jaffa─ő─őjaw xi poter ie─žor li jista’ jibbilan─őja lil tag─žhom, b─žal fil-ka┼╝ ta-Dipartiment tat-Te┼╝or (Amerikan) fis-sistema monetarja tad-dollaru.
Il-kwistjoni mhijiex dwar il-kwalit├á tad-de─ői┼╝jonijiet li qed jie─žu l-Bank ─Őentrali Ewropew.
Hi dwar jekk ─žallejniex jid─žol vojt ta’ poter fil-mod kif jittie─ždu d-de─ői┼╝jonjijiet dwar l-ewro; jekk dal-vojt hux qed jimtela mill-Bank ─Őentrali Ewropew; jekk din hijiex idea tajba; u jekk g─žandniex infittxu li nibbilan─őjaw a─žjar il-poter politiku li kiseb il-Bank ─Őentrali Ewropew, u dan fl-interess ta’ kontabilitit├á demokratika.

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