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7 Facta Universitatis, Series: L. & Pol. 1 (2009)

handle is hein.journals/fauvisie7 and id is 1 raw text is: FACTA UNIVERSITATIS Series: Law and Politics Vol. 7, N°1, 2009, pp. 1 - 10 THE EUROPEAN STANDARDS ON THE INDEPENDENCE OF THE CENTRAL BANK AND THE POSITION OF THE CENTRAL BANK OF SERBIA UDC 336.711 (4-672EU.497:1) Srdan Golubovik Faculty of Law, University of Nis, Serbia E-mail: golub@prafak.ni.ac.rs Abstract. The basic EU law principle which the European Monetary Union rests upon is the independence of the European Central Bank and the national central banks of the Member States. In line with this principle, the European Central Bank and other subjects of the single European Monetary System enjoy full independence in running the monetary policy. Moreover, the European standards on the status of the central bank are the legal acquisition (acquis communautaire) which must be incorporated into the legislation of each candidate country pursuing a full EU membership. Upon considering the arguments in favor of the central bank independence, the author analyzes the compatibility of the national legislation with the relevant EU legislation on the status of the central bank. Further on, the author identifies the legal solutions that depart from the EU standards and could possibly jeopardize the independence of this monetary institution. In the final part of the paper, the author emphasizes the need to define the boundaries of the central bank independence and strengthen the instruments for establishing the central bank accountability, including both the national parliament and the general public. This would help eliminate the recurrent complaints and objections on the insufficient democratic legitimacy of this supreme monetary authority. Key words: The European Central Bank independence, The National Bank of Serbia, monetary policy. INTRODUCTION The independence of the European Central Bank (ECB) and the national central banks (NCBs) of the EU Member States is the basic EU law principles which the European Monetary Union rests upon. All together, these institutions are part of the European Sys- tem of Central Banks (ESCB) which is responsible for running the single monetary pol- Received June 17, 2009

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