Editing European Central Bank (section)

===Democratic accountability===
In return to its high degree of independence and discretion, the ECB is accountable to the [[European Parliament]] (and to a lesser extent to the European Court of Auditors, the European Ombudsman and the Court of Justice of the EU (CJEU)). Although the accountability mechanisms are not enshrined in EU law, several practices were established following a resolution of the European Parliament adopted in 1998,<ref>{{Cite web|title=Report on democratic accountability in the third phase of European Monetary Union – Committee on Economic and Monetary Affairs and Industrial Policy – A4-0110/1998|url=http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&reference=A4-1998-0110&language=EN|access-date=8 October 2018|website=europarl.europa.eu|language=en}}</ref> which were informally agreed by the ECB, and incorporated into the Parliament's rule of procedure.<ref>{{Cite web|title=The evolution of the ECB's accountability practices during the crisis|url=https://www.ecb.europa.eu/pub/economic-bulletin/articles/2018/html/ecb.ebart201805_01.en.html|access-date=8 October 2018|website=European Central Bank|date=9 August 2018|language=en}}</ref> In 2023, the European Parliament and the ECB made these accountability arrangements were made more formal by signing an exchange of letter.<ref>[https://www.ecb.europa.eu/pub/pdf/other/Exchange_of_Letters_ECB_European_Parliament_central_banking230605~87aa8ed4a3.en.pdf Exchange of letters between the ECB and the European Parliament]  (5 June 2023)</ref>

The accountability framework involves five main mechanisms:<ref>{{Cite web|title=Accountability|url=https://www.ecb.europa.eu/ecb/orga/accountability/html/index.en.html|access-date=2020-11-25|website=European Central Bank|date=20 August 2020|language=en}}</ref>

* '''Annual report:''' the ECB is bound to publish reports on its activities and has to address its annual report to the [[European Parliament]], the [[European Commission]], the [[Council of the European Union]] and the [[European Council]] .<ref name="ECB Acc">{{cite web|title=Accountability|url=http://www.ecb.int/ecb/orga/accountability/html/index.en.html|access-date=15 October 2007|publisher=European Central Bank}}</ref> The report is presented to the European parliament at the occasion of a specific hearing with the ECB's vice-president at the ECON committee.
* '''Annual parliamentary resolution:''' in return, the European Parliament evaluates the past activities to the ECB via its own annual resolution on the European Central Bank's report (which is essentially a non-legally-binding list of resolutions). Since 2016, the ECB replies to the Parliament's suggestions in an annex to its annual report.
* '''Quarterly hearings  (known as the "Monetary Dialogue"):''' the [[European Parliament Committee on Economic and Monetary Affairs|Economic and Monetary Affairs Committee of the European Parliament]] organises a hearing with the ECB every quarter,<ref>{{Cite web|title=Monetary dialogue {{!}} ECON Policies {{!}} ECON {{!}} Committees {{!}} European Parliament|url=http://www.europarl.europa.eu/committees/en/econ/monetary-dialogue.html|access-date=6 October 2017|website=europarl.europa.eu|language=en}}</ref> allowing members of parliament to address oral questions to the ECB president.
* '''Parliamentary questions:''' all Members of the European Parliament have the right to address written questions<ref>{{Cite web|title=Questions to the ECB {{!}} Documents {{!}} ECON {{!}} Committees {{!}} European Parliament|url=http://www.europarl.europa.eu/committees/en/econ/questions-ecb.html|access-date=6 October 2017|website=europarl.europa.eu|language=en}}</ref> to the ECB president. The ECB president provides a written answer in about six weeks.
* '''Appointments:''' The European Parliament is consulted during the appointment process of executive board members of the ECB.<ref name="BF EB">{{cite web|year=2005|title=Executive Board|url=http://www.banque-france.fr/fileadmin/user_upload/banque_de_france/Eurosysteme_et_international/Directoire_GB.pdf|access-date=23 July 2012|publisher=[[Banque de France]]}}</ref> However the Parliament's vote is only consultative, and in practice, the Parliament's opinion – when negative – has been ignored by the European Council.<ref>{{Cite web |date=2012-10-30 |title=Mersch's ECB candidacy survives MEPs' 'No' vote |url=https://www.politico.eu/article/merschs-ecb-candidacy-survives-meps-no-vote/ |access-date=2023-10-24 |website=POLITICO |language=en}}</ref>
* '''Legal proceedings:''' the ECB's legal personality allows civil society or public institutions to file complaints against the ECB to the Court of Justice of the EU.

In 2013, an interinstitutional agreement was reached between the ECB and the European Parliament in the context of the establishment of the ECB's Banking Supervision. This agreement sets broader powers to the European Parliament than the established practice on the monetary policy side of the ECB's activities. For example, under the agreement, the Parliament can veto the appointment of the chair and vice-chair of the ECB's supervisory board and may approve removals if requested by the ECB.<ref>{{cite web|title=Interinstitutional Agreement between the European Parliament and the European Central Bank on the practical modalities of the exercise of democratic accountability and oversight over the exercise of the tasks conferred on the ECB within the framework of the Single Supervisory Mechanism|date=30 November 2013 |url=https://www.ecb.europa.eu/ecb/legal/pdf/celex_32013q113001_en_txt.pdf}}</ref>