[38]As was done in Article 20 of the SSM Regulation in respect of the audit. [39]For general considerations on that matter, see Bini Smaghi, L. (2006), “  Independence and accountability of supervision in the European financial market”. [40]For instance, the German supervisory authority (Bundesanstalt für Finanzdienstleistungsaufsicht) is subject to  http://www.ecb.europa.eu/press/key/date/2017/html/sp170330.en.html[03.04.2017 15:53:14]  Central bank independence revisited  instructions from the Ministry of Finance. [41]See also Bini Smaghi, L. (2006), “  Independence and accountability of supervision in the European financial market”. [42]The Chair has a non-renewable term of office of five years  (Article 26(3) of the SSM Regulation) and may be dismissed from office following a special procedure by the appointing body (the Council) only in two specifically listed cases (Article 26(4) of the SSM Regulation). [43]The Vice Chair is chosen from among the members of the Executive Board and the independence safeguards for the Executive Board apply to her/him (Article 26(3) and (4) of the SSM Regulation). [44]The rules for the ECB representatives in the Supervisory Board are not set out in the SSM Regulation but in the ECB Decision on the appointment of representatives of the ECB to the Supervisory Board (ECB/2014/4), which defines a nonrenewable term of office of five years (Article 1(2)) and lists the two specific cases under which they can be dismissed from office by the appointing authority (the ECB’s Governing Council).
See also, for instance, Amtenbrink, F. (1999), The Democratic Accountability of Central Banks, Hart Publishing; and De Haan, J., Amtenbrink, F., Eijffinger S.C.W. (1999), “Accountability of central banks: aspects and quantification”, PLS Quarterly Review, Vol. 52, No 209. [16]Issing, O. (1999), “The Eurosystem: Transparent and Accountable or ‘Willem in Euroland’”, Journal of Common  http://www.ecb.europa.eu/press/key/date/2017/html/sp170330.en.html[03.04.2017 15:53:14]  Central bank independence revisited  Market Studies, Vol. 39(3): 503-19; Padoa-Schioppa, T. (2000), “The Institutional Glossary of the Eurosystem”, ZEI Working Paper, No B-16; and ECB (2002), “The accountability of the European Central Bank”, Monthly Bulletin, ECB, November. [17]The Governing Council’s quantitative definition of price stability is as follows: "Price stability is defined as a year-onyear increase in the Harmonised Index of Consumer Prices (HICP) for the euro area of below 2%." [18]Issing, O. (1999), “The Eurosystem: Transparent and Accountable or “Willem in Euroland””, Journal of Common Market Studies, 39(3): 503-19; Padoa-Schioppa, T. (2000), “The Institutional Glossary of the Eurosystem”, ZEI working paper No. B-16, and; ECB (2002), “The accountability of the European Central Bank”, ECB Monthly Bulletin November 2002. [19]Padoa-Schioppa, T. “  An institutional glossary of the Eurosystem” presented at the conference on "The Constitution of the Eurosystem: the Views of the EP and the ECB", 8 March 2000.