{"id":14668,"date":"2024-07-03T15:35:12","date_gmt":"2024-07-03T13:35:12","guid":{"rendered":"https:\/\/www.uni.lu\/fhse-en\/?post_type=core-researches&p=14668"},"modified":"2024-08-09T08:57:18","modified_gmt":"2024-08-09T06:57:18","slug":"emuleg-the-governance-of-monetary-policy-the-emus-legitimacy-conundrum","status":"publish","type":"core-researches","link":"https:\/\/www.uni.lu\/fhse-en\/core-researches\/emuleg-the-governance-of-monetary-policy-the-emus-legitimacy-conundrum\/","title":{"rendered":"EMULEG – The Governance of Monetary Policy: The EMU\u2019s Legitimacy Conundrum"},"content":{"rendered":"","protected":false},"excerpt":{"rendered":"","protected":false},"author":295,"featured_media":14677,"template":"","meta":{"featured_image_focal_point":[],"show_featured_caption":false,"ulux_newsletter_groups":"","uluxPostTitle":"","uluxPrePostTitle":"","_trash_the_other_posts":false,"_price":"","_stock":"","_tribe_ticket_header":"","_tribe_default_ticket_provider":"","_tribe_ticket_capacity":"0","_ticket_start_date":"","_ticket_end_date":"","_tribe_ticket_show_description":"","_tribe_ticket_show_not_going":false,"_tribe_ticket_use_global_stock":"","_tribe_ticket_global_stock_level":"","_global_stock_mode":"","_global_stock_cap":"","_tribe_rsvp_for_event":"","_tribe_ticket_going_count":"","_tribe_ticket_not_going_count":"","_tribe_tickets_list":"[]","_tribe_ticket_has_attendee_info_fields":false,"rp_acronym":"EMULEG","rp_abstract":"The role of European Central Bank (ECB) in monetary policy and in European Union (EU) law and politics has changed fundamentally in the past decade. Just as during the sovereign debt crisis, in 2020 it is again at the forefront of economic responses that are essential to preserve the Eurozone, and, many claim, the EU itself. While it has so far been successful, the evolution of the ECB remains deeply problematic, both in terms of legality and legitimacy. It faces a conundrum of independence and democracy that remains unsolved. EU legal and political science scholarship has hitherto avoided addressing the problems that the ECB\u2019s redistributive policies pose to democratic legitimacy in the EU, not least because of how they fundamentally constrain Member States economic policies.\n\nEMULEG proposes to re-define the institutional framework of the EMU. It analyses whether the ECB\u2019s independence is too high in light of the increasing polarization of opinions on its policies and the growing importance of its decisions, and whether there are better alternatives that allow for a rebalancing of independence and democratic legitimacy. For this purpose, team members are comparing the legal framework of the independence of the ECB to three other central banks, as well as the institutional reality of accountability towards political institutions and the public. The aim is to formulate advice on possible reforms including both changes to the ECB\u2019s legal framework and the institutional practice of central bank accountability in the EU, with the aim of finding a better balance between effective policies in the pursuance of collective goals and democratic legitimacy.","rp_start_date":"2021-06-01 14:57:44","rp_duration":36,"rp_main_funder":"Institute for Advanced Studies","rp_other_funders":[],"rp_external_partners":[],"rp_keywords":["ECB","Monetary Policy","Eurozone"],"rp_members":[{"name":"Anna-Lena H\u00d6GENAUER","isPI":true,"isExternal":false,"featuredImageUrl":"https:\/\/www.uni.lu\/en\/person-image\/NTAwMDIwMDFfX0FubmEtTGVuYSBIw5ZHRU5BVUVS","detailsPageUrl":"https:\/\/www.uni.lu\/fhse-en\/people\/anna-lena-hogenauer\/","id":"50002001"},{"name":"Joana MENDES","isPI":true,"isExternal":false,"featuredImageUrl":"https:\/\/www.uni.lu\/en\/person-image\/NTAwMjI5MDFfX0pvYW5hIE1FTkRFUw==","detailsPageUrl":"https:\/\/www.uni.lu\/fdef-en\/people\/joana-mendes\/","id":"50022901"},{"name":"Dimitrios ARGYROULIS","isPI":false,"isExternal":true,"featuredImageUrl":"","detailsPageUrl":"","entity":"University of Luxembourg"},{"name":"Nikolaos VAGDOUTIS","isPI":false,"isExternal":true,"featuredImageUrl":"","detailsPageUrl":"","entity":"-"}]},"research-project-status":[272],"research-project-type":[433],"field-of-interest":[434,294],"organisation":[179,147,183],"authorship":[295],"acf":[],"_links":{"self":[{"href":"https:\/\/www.uni.lu\/fhse-en\/wp-json\/wp\/v2\/core-researches\/14668"}],"collection":[{"href":"https:\/\/www.uni.lu\/fhse-en\/wp-json\/wp\/v2\/core-researches"}],"about":[{"href":"https:\/\/www.uni.lu\/fhse-en\/wp-json\/wp\/v2\/types\/core-researches"}],"author":[{"embeddable":true,"href":"https:\/\/www.uni.lu\/fhse-en\/wp-json\/wp\/v2\/users\/295"}],"version-history":[{"count":1,"href":"https:\/\/www.uni.lu\/fhse-en\/wp-json\/wp\/v2\/core-researches\/14668\/revisions"}],"predecessor-version":[{"id":14678,"href":"https:\/\/www.uni.lu\/fhse-en\/wp-json\/wp\/v2\/core-researches\/14668\/revisions\/14678"}],"wp:authorship":[{"embeddable":true,"href":"https:\/\/www.uni.lu\/fhse-en\/wp-json\/wp\/v2\/users\/295"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.uni.lu\/fhse-en\/wp-json\/wp\/v2\/media\/14677"}],"wp:attachment":[{"href":"https:\/\/www.uni.lu\/fhse-en\/wp-json\/wp\/v2\/media?parent=14668"}],"wp:term":[{"taxonomy":"research-project-status","embeddable":true,"href":"https:\/\/www.uni.lu\/fhse-en\/wp-json\/wp\/v2\/research-project-status?post=14668"},{"taxonomy":"research-project-type","embeddable":true,"href":"https:\/\/www.uni.lu\/fhse-en\/wp-json\/wp\/v2\/research-project-type?post=14668"},{"taxonomy":"field-of-interest","embeddable":true,"href":"https:\/\/www.uni.lu\/fhse-en\/wp-json\/wp\/v2\/field-of-interest?post=14668"},{"taxonomy":"organisation","embeddable":true,"href":"https:\/\/www.uni.lu\/fhse-en\/wp-json\/wp\/v2\/organisation?post=14668"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}