Ultra Vires: The Eurozone Crisis and the European Central Bank’s Lost Independence
Chris Land, MJIL Lead Articles Editor One of the greatest challenges facing the European Union today is democratic legitimacy.[i] As a compliment to nations’ republican apparatus, technocratic central banks like the European Central Bank (“ECB”) theoretically perform a crucial service. These banks support national economies as lenders of last resort[ii] — ensuring price stability[iii] and […]
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