benoit cœure : independence and accountability in a changing world introductory remarks by mr benoit cœure, member of the executive board of the european central bank, at the transparency international eu event " two sides of the same coin? independence and accountability of the european central bank ", brussels, 28 march 2017. * * * general considerations thank you for your invitation to today ’ s event. i am looking forward to a discussion with a panel representing such a wide range of stakeholders and views. the ecb fully shares the values that underpin transparency international ’ s work, such as integrity and accountability. at a time when many people are expressing doubts about public institutions, it is clear that these principles are vital for their legitimacy. 1 and we are convinced that greater responsibility and integration at euro area level, which are much needed to strengthen our economic and monetary union, should go hand in hand with greater democratic accountability. 2 so transparency international ’ s work regarding the eu ’ s economic governance is certainly useful. this is why the ecb has facilitated this project by inviting the researchers to a series of meetings with senior staff. we were offered the opportunity to comment on the draft of the report. but as the study and its recommendations are entirely owned by transparency international, we exclusively provided factual observations and abstained from commenting on the substance. before offering some observations on the four chapters of the report – independence, transparency, accountability and integrity – i would like to make two preliminary, more general remarks : first, and to answer the question raised in the title of the report : yes, for the ecb independence and accountability are two sides of the same coin. the ecb was given a democratic mandate. independence ensures that the ecb can act in line with its mandate. accountability, on the other hand, ensures that the ecb does act in line with its mandate. this can be measured ex post against outcomes – the ecb did indeed take decisive action to preserve price stability during the crisis3 – and it relies ex ante on having a strong accountability framework. second, the ecb is quite unique in the eu institutional context. i understand that transparency international has published similar reports on the european investment bank and the european stability mechanism. there are important differences between the three bodies – not only as regards their mandate and purpose, but also in terms of their institutional setup, governance structures, funding and, in this context more importantly, accountability. of course, we are an eu institution ( like the european parliament or

mario draghi : hearing at the committee on economic and monetary affairs of the european parliament introductory statement by mr mario draghi, president of the european central bank, at a hearing before the committee on economic and monetary affairs of the european parliament, brussels, 25 april 2012. * * * madam chair, honourable members of the committee on economic and monetary affairs, it is a pleasure to be back here in parliament and in front of your committee for our regular exchange of views. accolgo con soddisfazione l ’ esito delle riunioni di primavera di aumentare le risorse del fondo monetario internazionale ( fmi ) di 430 miliardi di dollari. l ’ area dell ’ euro ha fatto la sua parte accrescendo le proprie protezioni e impegnandosi a fornire al fmi un importo aggiuntivo di 150 miliardi di euro. sono lieto che ora altri azionisti del fondo si siano offerti di prestare il proprio contributo per incrementarne le risorse. il est maintenant d ’ une importance cruciale que le mecanisme de stabilite europeen soit entierement operationnel. la bce peut fournir son soutien a cet egard. naturellement, meme avec un pare - feu important en place, les pays de la zone euro doivent continuer a mettre en œuvre les ajustements budgetaires et structurels qui s ’ imposent. wie ublich, werde ich zuerst auf die aktuelle wirtschaftliche lage im eurogebiet eingehen. danach werde ich mich den themen zuwenden, die sie vorgeschlagen haben : bewertung der sondermaßnahmen der ezb und bewertung der wirtschaftlichen ungleichgewichte in der wahrungsunion. economic and monetary developments let me first focus on economic and monetary developments in the euro area since our previous meeting on 19 december last year. available indicators for the first quarter of 2012 broadly confirm a stabilisation in economic activity at a low level. latest developments in survey data are mixed, highlighting prevailing uncertainty. looking ahead, growth should