Accountability of Central Banks: Aspects and Quantification

J. de Haan, F. Amtenbrink, S.C.W. Eijffinger

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This paper starts with a discussion of the various aspects of accountability of central banks. On the basis of this discussion we construct an indicator for accountability for 16 central banks, including the European Central Bank. It is shown that the degree of accountability differs considerably and that the ECB has a rather low score. The indicator is used to examine the relationship between central bank independence and accountability. It is concluded that although there appears to be a negative relationship between independence and accountability, this does certainly not imply that a central bank cannot both be independent and accountable.
Original languageEnglish
Place of PublicationTilburg
Number of pages27
Publication statusPublished - 1998

Publication series

NameCentER Discussion Paper


  • central bank independence
  • central bank accountability
  • European central bank


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