The New European Central Bank - Taking Stock and Looking Ahead

The European Central Bank (ECB) was first introduced in the European legal order on the occasion of the Treaty of Maastricht (1992). An official EU institution which is governed by EU law, the ECB of modern times differs vastly from its inception in 1998, which manifests in three main ways: monetary policy options, consideration of concerns other than low inflation in its policy-making, and its role in the Banking Union.

This edited collection offers a retrospective and prospective account of the ECB, charting its evolution in detail with chapters written by leading academics and practitioners. Part 1 examines the substantive changes to monetary policy introduced by the ECB as a consequence of the financial and sovereign debt crisis by considering their legal basis. Part 2 moves beyond monetary policy by shifting to the new roles that the ECB has been called upon to play, notably in banking supervision and resolution. Parts 3 and 4 deal with transformations to inter- and intra-institutional relations, and take stock of these transformations, reflecting on the nature of the ECB of current times and which direction it could be heading in the future.

The authors analyse the most salient and controversial elements of the ECB's crisis response, including unconventional monetary policy measures and the ECB's risk management strategy. Beyond monetary policy, the book further examines the role played by objectives such as financial stability and environmental sustainability, the ECB's relationship to the Lender of Last Resort function, as well as its new responsibilities in the Banking Union.

1:Introduction: the 'new' European Central Bank, Thomas Beukers, Diane Fromage and Giorgio Monti
The ECB's response to the financial and sovereign debt crisis: Unconventional monetary policy and the lender of last resort function
2:The transformation of the ECB in sovereign bond markets, Vestert Borger
3:The ECB's unconventional quantitative easing is turning to conventional monetary policy, Klaus Tuori
4:The ECB's collateral framework from the 1990s till the present, Jens van 't Klooster
Moving beyond monetary policy: The ECB, financial stability, economic integration and the (future of the) Banking Union
5:The ECB and financial stability, Agnieszka Smole?ska and Thomas Beukers
6:The ECB and economic integration, Jonathan Bauerschmidt
7:The ECB's role in the European Banking Union, Kern Alexander
8:The relationship between the ECB and theNational competent authorities in the single supervisory mechanism: Problems and perspectives, Federico Della Negra and Gianni Lo Schiavo
9:The role of the ECB in the international arena and the external dimension of EMU: a 'new' ECB within a crippled legal framework?, Florin Coman-Kund
Institutional setting: the ECB's 'institutional logic' and its relationship with governments, courts and parliaments
10:The independence of the ECB: Justification, challenges and possible threats, Alexander Thiele
11:The legitimacy and accountability of the ECB at the age of twenty, Fabian Amtenbrink and Menelaos Markakis
12:The ECB and the Court of Justice: Old toolbox, new problems, Takis Tridimas
13:Assessing and (re-)situating today's ECB in the EU's institutional landscape, Diane Fromage
14:The ECB in the new normal: Organizing fiscal support for monetary policy, Ad van Riet
A contextual analysis of the ECB
15:The ECB mandate - a comparative constitutional perspective, Christy-Ann Petit
16:The Role of Constitutional Law for the ECB: Past, Present and Future, Marijn van der Sluis
17:The ECB's E-ROAD ahead, René Smits