The Sanctioning System of the European Central Bank: Origins, Analysis, Comments And Some Suggestions

The purpose of the present paper is to examine the salient features of the sanctioning system applied by the European Central Bank (ECB) against undertakings breaching their obligations. Outside the group of scholars engaged in researching the ECB, this topic has not attracted much attention and, therefore, there is considerable scope for original research. The paper considers the crucial issue of the ECB’s legal personality, traces how the ECB came to acquire, at different stages, the power to inflict sanctions on undertakings, and, from a critical point of view, examines the relevant legal acts which have been by the EU Council and of the ECB. The paper concludes with a number of suggestions and recommendations to consolidate the various legal acts and make the system more transparent.