The ECB's accountability to national and European parliaments today

The European Central Bank is a strictly independent institution. Nevertheless, this does not mean that it may not be held accountable for its actions; rather, it implies that it is submitted to an accountability of a special kind that does not entail (strong) consequences. With the creation of the Banking Union, accountability mechanisms vis-à-vis national parliaments and the European Parliament were added to those already existing towards the European Parliament in the Monetary domain (Monetary dialogue). This contribution aims at critically analysing those provisions, as well as how they have been put in practice so far. It will also examine the mechanisms that used to exist at national level before the Banking Union was established in a sample of Member States to determine if and how national parliaments' oversight capacities have been modified and with what consequences.