The European Central Bank headquarters in Frankfurt, Germany. By joining the euro, Italy surrendered monetary sovereignty to an external, independent decision-maker, the ECB. Photo: Bloomberg
Dani Rodrik
Opinion

Opinion

The View by Dani Rodrik

If the euro is to remain viable, the democratic legitimacy of ECB decisions cannot be taken for granted

Dani Rodrik says the Italian president’s veto of a minister’s appointment in the name of ensuring market stability, which was criticised for undermining his country’s democracy, raises issues that must be addressed when policymakers delegate decision-making to unelected bodies

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The European Central Bank headquarters in Frankfurt, Germany. By joining the euro, Italy surrendered monetary sovereignty to an external, independent decision-maker, the ECB. Photo: Bloomberg
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