Urbaniak К. THE SCOPE OF CONSTITUTIONAL REGULATIONS ON CENTRAL BANKS IN EU MEMBER STATES – A COMPARATIVE ANALYSIS

Abstract

The constitutional order of central banking in the EU is two‑layered. The shared layer of primary EU law sets the overarching objective of price stability, guarantees the independence of the European Central Bank (ECB) and the national central banks (NCBs), and prohibits their direct financing of the public sector. The national layer—constitutions and statutes—specifies the status and organisation of central banks to varying degrees, but may not undermine the EU standard.