. Hoffmeyer, Erik (1992), p. 37. According to Elgie, compared to other central banks, the institutional architecture of the ECB is a departure from the norms of political accountability and there therefore is a distinct “democratic deficit” which needs to be addressed. Elgie, Robert (1998), p. 53. Central Banks in the Euro area do, however, suffer from similar problems than the ECB and as their status was strengthened through the convergence criteria.
140 Heikkilä, Vesa (1993), p. 41.
141 E.g. According to Harden, in a democracy there is no reason for all public power to be concentrated n the hands of an executive government. Harden, Ian (1990), p. 414.
142 But this only assuming that the decision is unanimous and that the economic efficiency actually increases as a result of the politically independent monetary policy. This is one way of handling the problem of the democratic deficit.