The independence is supplemented by the ECB’s accountability to the European Parliament and by the national central banks’ arrangements for accountability at national level, such as supervision of the Bank of Finland by the Finnish Parliament. Euro area stability and the ECB The independence of the ECB and the definition of its role – or mandate – are interrelated.
An independent institution bestowed with a public function cannot be assigned powers defined too loosely or an overly broad range of tasks in a democratic society. Such an extension of responsibilities would before long erode the political preconditions for central bank independence and the legitimacy of the central bank itself.