Harvard Law School Jean Monnet Chair

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Gros and Thygesen “if the ESCB had indeed repeated the listing of objectives set for the Community in general, regular political reassessments of the relative weight of the different objectives would have become legitimate. Such reassessments are essentially political decisions, which could not be delegated to an institution outside the centre of the policy-making process. A simple and single-valued objective is therefore arguably the only basis on which monetary policy could be delegated to the ESCB and subsequently monitored by the political authorities and the public.”

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