On the Legitimacy of Monetary Union (2012:3)


The on-going crisis in Europe has renewed the debate on the functioning of the Economic and Monetary Union (EMU). The discussions have mainly focused on economic aspects of the union’s viability and design, while its other characteristics remain largely overlooked. 

In the report On the Legitimacy of Monetary Union, the author investigates whether the monetary union can be considered legitimate. According to the author, the most central question is to what extent the citizens are able to exercise democratic control over the monetary union. This, in turn, raises questions about democratic control over the European Central Bank (ECB), as well as the role of national parliaments and the European Parliament in exercising it.

The report is published in the context of SIEPS research project The political system of the European Union.

Christopher Lord is Professor at ARENA, Centre for European Studies, University of Oslo.