أبحاث قانونية وسياسية
Volume 11, Numéro 1, Pages 834-849
2026-06-11
From Central Bank To Political Actor :the Transformation Of The European Central Bank Role In Crisis Governance And Its Implications For European Integration
Authors : Bouchama Fatima Zohra . Laggoune Djelloul .
Abstract
The present study examines the European Central Bank’s transformation from price stability into a political actor within the European Union’s governance structure. Through a process-tracing analysis of the ECB’s responses to the 2008 financial crisis, the Eurozone sovereign debt crisis, and the COVID-19 pandemic, the research demonstrates how unconventional monetary policies specifically the Outright Monetary Transactions and the Pandemic Emergency Purchase Programme have blurred the traditional boundaries between monetary and fiscal policy. The analysis indicated that these strategies facilitated a form of "integration by stealth," without formal treaty revisions although essential for preserving the Eurozone. However, this expanded mandate raises critical concerns regarding democratic accountability, legal legitimacy, and the separation of powers between EU institutions and Member States. Ultimately, the paper concludes that without parallel developments in the Eurozone's fiscal and political structures, the ECB's increasingly politicized role may undermine the long-term legitimacy of the European integration project.
Keywords
Crisis ; Governance ; Democratic ; Deficit ; European ; Central ; Bank ; European Integration ; OMT ; PEPP
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