The Legal Research Of The European Central Bank’s Independence

European Central Bank is the world’s first supranational central bank, which isengaged in the management of euro. Compared with the central bank in the traditionalway, it has a clear supranational nature. As can be seen from the central bank’sfunctions, even though it is called a bank, but the bank is not in the usual way, moreprecisely, it is essentially an important public authority. Instead of maximizing profits,operating principles of the central bank is to achieve some common goals. Due to theimportant status and the public operation principle of central banks, it is reasonable toresult in the issue of central bank independence. Although the establishment of theEuropean Central Bank is based on the German Bundesbank, but comparing with thegeneral independence, it has the notable features.This dissertation is divided into three chapters:The first chapter is an overview of the European Central Bank independence. Itintroduces the independence of the central bank’s general character, and from a legalpoint of view, gives a definition of the independence of the European Central Bank. Incan be followed, firstly elaborating the legal framework and legal basis to come intobeing the European Central Bank in a macro way, and then analyzing thecharacteristics of the independence of the European Central Bank.The second chapter describes the legal basis of independence of the EuropeanCentral Bank’s. Through the analysis of " Maastricht Treaty " and the " Articles ofAssociation of the European Central Bank system," sums up that the EuropeanCentral Bank ’s independence is mainly reflected in four aspects, including currencypolicy independent, the personnel system independence, financial independence andthe development and implementation of regulatory independence punishment.The third chapter describes development and improvement of the independenceof the European Central Bank. As we all known, euro has been running in decades,and the European Central Bank ’s independence is also constantly being challenged.The author attempts to analyze this from two aspects, namely the European Courtjudgment on the legal status of European Central Bank; Second the measuresEuropean Central Bank took after the outbreak of the debt crisis bring the challenge ofits’ independence. Then give a conclusion that the European Central Bank’sindependence is relative, limited independence from above two perspectives. After theanalysis of adverse factors on effecting European Central Bank’s independence from four aspects of history, politics, economy, legal system, the author also asserts its ownrecommendations on these negative factors. Last, concludes the improvement ofEuropean Central Bank’s independence will be better on promoting the Europeaneconomic integration, which is also a necessary requirement towards Europeanpolitical integration.