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  • 3 - Markets as an Accountability Mechanism in EU Economic Governance

  • from Part I - (Re)theorising Accountability in EMU
  • Edited by Mark Dawson, Hertie School, Berlin
  • Book:
    Substantive Accountability in Europe's New Economic Governance
    Published online:
    23 November 2023
    Print publication:
    07 December 2023, pp 63-80
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  • Summary

    States can raise financing through relationships that depend on market accountability or political accountability, respectively, and one can be substituted with the other. In the EU, market accountability as a dominant mode of raising financing has been steadily supplanted in the EU by political accountability in the relationship between debtor states, on the one hand, and creditor states, the EU and the ECB, on the other, thus engendering democratic tensions in the evolution of EU economic governance. One way of solving the widely maligned ‘democratic deficits’ within the EMU would be to restore the market accountability enshrined in the Treaties, as evident in part on the ban on monetary financing, bailouts and state aid. Moreover, market accountability can be likened to the accountability concept of Dawson and Maricut-Akbib, with openness, non-arbitrariness, effectiveness and publicness underpinning various procedural and substantive dimensions of market accountability.