Harvard Law School Jean Monnet Chair



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Gros, Daniel (1998), p. 348.

13 Dashwood, Alan et al. (1996), p. 629.

14 Agné, Hans (1998), p. 19.

15 E.g. Louis, Jean-Victor et al (1995), p. 62; According to Smits it is believed that only with such autonomous institutions can the strict monetary policy necessary to ensure price stability to be properly implemented. Smits, René (1996), p. 327.

16 E.g. Hahn, Hugo (1991), p. 799.

17 It is possible to question the varying degree of autonomy usually given to central banks. Still, it is extremely rarely challenged that a central bank fulfils its obligations best when independent.

18 Art. 110 EC and Art. 34 of the Statute. The legal acts given by the ECB have the same status as the norms adopted by the other EC organs.

19 Art. 110.3 EC.

20 The ECB can even undertake actions in the private law field, such as enter agreements, e.g. acquire or dispose of movable and immovable property and be a party to legal proceedings (Art. 9.1 of the Statute). These acts, despite of being of a legal nature, are not covered by Article 34 which only establishes the regulatory powers of the Bank.
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