Confidentiality behind transparent doors: The European Central Bank and the EU law principle of openness

Abstract

This paper questions to what extent the confidential decision-making structure maintained at the European Central Bank is still compatible with the EU principle of openness recognized in Article 15 TFEU. To that extent, it analyses the different confidentiality regimes in place as well as the openness features adopted in both monetary policy and prudential supervision. It subsequently questions how those features comply with the letter and spirit of Article 15 TFEU. Aiming better to integrate existing confidentiality features with EU constitutional transparency obligations, this paper finally proposes some minor modifications to the European Central Bank decision-making framework to align it more directly to the spirit of openness reflected in Article 15.