Thus independence and accountability are symbiotic, not conflicting.”11 A second condition that needs to be met in order to make central bank independence compatible with democracy is a narrow interpretation of the mandate.
It’s true what the NGO “Transparency International” wrote in a report on the ECB: “If independence is one side of the coin, the flipside is a narrow mandate.”12 And indeed, if independence is used for purposes other than those given by the mandate, we shouldn’t be surprised if the central bank is increasingly put under scrutiny.