Harvard Law School Jean Monnet Chair

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Louis, Jean-Victor et al. (1995), p. 75.

29 According to Article 230 EC the legality of all measures adopted by the ECB can be reviewed by the ECJ.

30 The same article also gives the Presidents of the Council and the Commission the right to participate in the Governing Council meetings. See also Art. 15 of the Statute.

31 Snyder, Francis (1994), p. 80.

32 Goodhart, Charles (1993), p. 237. According to von Hagen disciplinary measures and pressure on the ECB would require joined efforts by the Commission and the Council which means that the possibilities to control the ECB are a lot more restricted than those existing with respect to national central banks. Therefore the only way for a Member State to truly make ECB accountable for its actions would be threatening to leave the Monetary Union.

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