Political leadership of the European Central Bank

Amy Verdun

68 citations0/0 files storedJournal of European Integration

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European Monetary and Fiscal Policies European Union Policy and Governance Global Financial Regulation and Crises

Abstract

What role did the European Central Bank (ECB) play in EU governance, regarding the financial, the economic and sovereign debt crises? How should we understand ECB leadership from a theoretical perspective? Based on speeches, literature review and interviews, this contribution concludes that by using policies such as the Securities Market Programme and by promising to do whatever it takes (e.g. Outright Monetary Transactions the ECB supported the euro-area faced with an unprecedented crisis. Its two presidents during the crisis periods were leaders in that they managed to get the ECB followers (its Governing Council; EU member states) willing to take part in a common enterprise solving the sovereign debt crisis with the bank using exceptional monetary policy tools. This contribution argues that both Presidents Jean-Claude Trichet and Mario Draghi exercised transformative leadership and were willing to take action when no other leaders were willing or able to lead.

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References

2011Contextualizing Performances of Family Firms 2014The Oxford Handbook of Political Leadership 2011The JCMS Annual Lecture: The Greek Sovereign Debt Crisis and EMU: A Failing State in a Skewed Regime*2003The agenda-shaping powers of the EU Council Presidency 2016The Political Economy of European Banking Union 1987Political Leadership: Towards a General Analysis 1995Political Leadership in Liberal Democracies 2015A historical institutionalist explanation of the EU's responses to the euro area financial crisis

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