Accountability and transparency Accountability in exercising public authority is an inherent part of our constitutional traditions. Central bank independence therefore needs to be accompanied by accountability and transparency. [8] Accountability legitimises the independent decision-making powers of central banks. Being accountable for decisions means providing an ex post explanation and justification of autonomous decision-making.
[9] Alongside central bank independence itself, some of the basic channels through which the ECB is held accountable for the performance of its monetary policy function are laid down at constitutional level, in other words, in the Treaty.