Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/264632 
Year of Publication: 
2000
Series/Report no.: 
Working Paper No. 40
Publisher: 
Oesterreichische Nationalbank (OeNB), Vienna
Abstract: 
This paper analyzes the institutional framework of central banks in ten Central and East European countries using the ECB as benchmark. It looks at the legislated objectives of these central banks, assesses the degree of political and functional independence and the status of their democratic legitimization and accountability. We find that while much progress has been made in making the statutes "Maastricht compatible", all of them will have to be adapted once again before EMU entry. The legislation provides for democratic accountability comparable to that of the ESCB. In recent years the enacted limitations of fiscal financing have become more binding. Rescue operations in the financial sector might be seen as encroaching the independence of the central bank.
Subjects: 
central bank independence
central bank accountability
emerging market economies
JEL: 
E52
E58
Document Type: 
Working Paper

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