Harvard Law School Jean Monnet Chair



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Majone, Giandomenico (1996), p. 14. For Padoa-Schioppa’s theory see footnote 163.

150 According to Scheinin, many central banks have improved their capacity to be in regular dialogue with the media. Every statement by a central bank is, however, a message to the market and is intended to influence market operations. Therefore, this communication must be seen as instrumental and not discursive. Scheinin, Martin (1998), p. 29. According to Ungerer, however, the central banks in Germany, Switzerland, the US and the Netherlands are not independent in that sense that they would be outside democratic control and the formulation of public opinion.


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