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Judicial Review of the European Central Bank’s Actions

This chapter focuses on judicial review of the European Central Bank’s actions by the EU courts. It does not purport to examine all issues related to the legal accountability of the ECB across its main domains of action. Instead, it focuses on the role of the Court of Justice of the European Union (CJEU) in reviewing general reforms, in the light of cases such as Pringle, Gauweiler, and Weiss, and asks: what should be the scope, test (or standard) and intensity of review of the ECB’s actions? When should the CJEU defer to the ECB’s assessment? Though the emphasis in this chapter is on monetary policy measures, the final section of the chapter also looks briefly at the role of the CJEU in reviewing the ECB’s actions in its ‘new fields of competence’, namely banking supervision and in the context of financial assistance programmes, where the ECB is a member of the ‘Troika’ (or ‘Quadriga’).