Work

All Along the Watch Tower: The European Central Bank and Legitimation Strategies in Times of Crisis

Year: 2023

Type: article

Abstract: How does the European Central Bank (ECB) legitimise its decisions and monetary policy programmes in the period from 2009 to 2021 in terms of input, throughput and output legitimacy? This article contains an answer to this important question based on a content analysis of speeches made by the presidents of the ECB. Ideally, the institution is founded on its independence and therefore cannot maintain legitimacy through public influence. This article proves that there are clearly most references on output legitimacy in the ECB's legitimation strategy, showing that it highlights its results as an independent institution to compensate for its lack of democratic channels in terms of legitimacy. Generally, in times of crises, there is an increase in frequency of references to legitimacy. During these periods, ECB actors also more frequently refer to throughput legitimacy in speeches, showing that the institution is in fact sensitive to public criticism.

Source: JCMS Journal of Common Market Studies

DOI: 10.1111/jcms.13510

Authors: Signe Elmer Christensen, Peter Nedergaard

Institution: University of Copenhagen

Language: English

Topic: European Union Policy and Governance

Subfield: Political Science and International Relations

Field: Social Sciences

Domain: Social Sciences

SDG: Peace, justice, and strong institutions

Open Access status: hybrid

Estimated APC paid: $3,970