Conference: European Banking Union: Democracy, Technocracy and the State of Integration - Global Governance Programme, Robert Schuman Centre for Advanced Studies, European University Institute By: Christoph Möllers, Humboldt-University/Wissenschaftskolleg zu Berlin

1. Some Considerations on Democracy in
the Banking Union
Christoph Möllers
Humboldt-University/Wissenschaftskolleg zu
Berlin

2. 1. Democracy as political contestation
1.1 Overlapping and blurred lines of contestation
- right/left
- centrism/EU-skepticism
- layers of member state antagonisms
- compare the US
1.2 The ECB as an institution
- no general case against independence (2nd order)
- but over-entrenched independence
- internal political process within the ECB
- in particular SSM: different case for independence
- in particular SRM: representation and taxation

3. 2 Democracy as rational deliberation
2.1 Conceptual clarifications
- accountability enables democratic legitimacy, but
cannot substitute it
- accountability cannot curtail independence
- parliamentary accountability only works according to
parliamentary procedures and powers
2.2 Application
- “monetary dialogues” would only be relevant as
far as legislative or appointment powers of the EP
were concerned
- secret talks to committees are useless

4. 3 Conclusion
No necessary legitimate value in integrating all
the actors
Critical unction of democratic theory