The ECB's role in the design and implementation of (financial) measures in crisis-hit countries : monetary dialogue 12 November 2015 : compilation of notes

Since 2010, the ECB - in particular as a component of the so-called Troika - has been providing technical assistance/advice in the design and adoption of measures for contributing to the financial stability of crisis-hit countries. The ECB's role has been especially - but not exclusively - important in decisions concerning the recapitalization of national financial systems. Actions taken by the ECB in that context have been sometimes criticized as undemocratic and questioned for granting an excessive power to the institution and interfering with Member States' national sovereignty. The notes in this compilation by key monetary experts discuss the pros and cons of these ECB actions in the light of ECB mandate and its institutional dimension. In particular, the note discuss whether similar actions put ECB independence at risk. The notes have been requested by the Committee on Economic and Monetary Affairs as an input for the November 2015 session of the Monetary Dialogue.