L'ètat delle banche centrali

All Central banks need political and social support to safeguard their autonomy, but with regard to the ECB in particular it emerges, in addition to the fact that its discretion is generating dissent, that it is accused of being not fully democratic and less and less independent, particularly in its unconventional monetary policy. The independence requirement can be «revisited», according to a functionalist approach that commensurates the central bank’s discretion with the specific features of monetary interventions, paying attention to the multiple ways in which money is «created». Contemporary monetary law is able to assume responsibility for dictating positive rules for the independence of central banks.