All Along the Watch Tower: The European Central Bank and Legitimation Strategies in Times of Crisis
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All Along the Watch Tower : The European Central Bank and Legitimation Strategies in Times of Crisis. / Christensen, Signe Elmer; Nedergaard, Peter.
In: Journal of Common Market Studies, Vol. 62, No. 2, 2023, p. 451-467.Research output: Contribution to journal › Journal article › Research › peer-review
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TY - JOUR
T1 - All Along the Watch Tower
T2 - The European Central Bank and Legitimation Strategies in Times of Crisis
AU - Christensen, Signe Elmer
AU - Nedergaard, Peter
N1 - Publisher Copyright: © 2023 The Authors. JCMS: Journal of Common Market Studies published by University Association for Contemporary European Studies and John Wiley & Sons Ltd.
PY - 2023
Y1 - 2023
N2 - How does the European Central Bank (ECB) legitimise its decisions and monetary policy programmes in the period from 2009 to 2021 in terms of input, throughput and output legitimacy? This article contains an answer to this important question based on a content analysis of speeches made by the presidents of the ECB. Ideally, the institution is founded on its independence and therefore cannot maintain legitimacy through public influence. This article proves that there are clearly most references on output legitimacy in the ECB's legitimation strategy, showing that it highlights its results as an independent institution to compensate for its lack of democratic channels in terms of legitimacy. Generally, in times of crises, there is an increase in frequency of references to legitimacy. During these periods, ECB actors also more frequently refer to throughput legitimacy in speeches, showing that the institution is in fact sensitive to public criticism.
AB - How does the European Central Bank (ECB) legitimise its decisions and monetary policy programmes in the period from 2009 to 2021 in terms of input, throughput and output legitimacy? This article contains an answer to this important question based on a content analysis of speeches made by the presidents of the ECB. Ideally, the institution is founded on its independence and therefore cannot maintain legitimacy through public influence. This article proves that there are clearly most references on output legitimacy in the ECB's legitimation strategy, showing that it highlights its results as an independent institution to compensate for its lack of democratic channels in terms of legitimacy. Generally, in times of crises, there is an increase in frequency of references to legitimacy. During these periods, ECB actors also more frequently refer to throughput legitimacy in speeches, showing that the institution is in fact sensitive to public criticism.
KW - COVID-19 crisis
KW - economic crisis
KW - European Central Bank
KW - legitimation
KW - output legitimacy
KW - throughput legitimacy
KW - COVID-19 crisis
KW - economic crisis
KW - European Central Bank
KW - legitimation
KW - output legitimacy
KW - throughput legitimacy
U2 - 10.1111/jcms.13510
DO - 10.1111/jcms.13510
M3 - Journal article
AN - SCOPUS:85162673965
VL - 62
SP - 451
EP - 467
JO - Journal of Common Market Studies
JF - Journal of Common Market Studies
SN - 0021-9886
IS - 2
ER -
ID: 370110737