EUROPEAN CENTRAL BANK'S ACTIVITY BETWEEN PRINCIPLES AND REALITY

Abstract

The European Central has a main role in European Union, conducting the monetary policy af Member States. Its activity is linked to the Maastricht Treaty and to the establishment of Economic and Monetary Union. The entire activity of the ECB is placed under the principle of political independence, but its independence must be understood in the context of the concept of legal liability. Annually, the European Central Bank publishes a report containing information on economic developments and monetary policy in the European Union, the annual accounts, activities and operations of the ECB, financial stability, practical decisions about how the ECB is meeting its objectives and functions. These are true mirrors of how the principles are implemented in practice.