The ECB has been established by the Treaty, which has been ratified by all Member States and the members of the ECB decision-making bodies are all appointed by the Member States’ democratically elected representatives.
Furthermore, the competency for monetary policy is transferred within the limits of a clearly defined, single mandate to maintain price stability against which the ECB can be held accountable by the European citizens. Problems of accountability could only arise if the ECB – having only one instrument at its disposal – had the mandate to pursue several objectives.