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Chiara Zilioli

Legal Services

Current Position

Director General

Fields of interest

Law and Economics

Email

chiara.zilioli@ecb.europa.eu

21 September 2021
OCCASIONAL PAPER SERIES - No. 276
The mandate of the ECB: Legal considerations in the ECB’s monetary policy strategy review
English
Details
Abstract
This paper offers an overview of the mandate of the European Central Bank (ECB), as defined by its objectives, the instruments available to achieve them and the constitutional framework that the ECB shall observe in pursuing them. The objectives include the primary objective of maintaining price stability and the secondary objective of supporting the general economic policies in the Union. The price stability objective enjoys primacy amongst the ECB objectives. The Treaties do not provide for a hierarchy of the “general economic policies” that the ECB shall support, although a number of criteria derived from primary law can help in guiding the ECB’s priorities in this respect. The ECB is also tasked with contributing to the “smooth conduct of policies pursued by the competent authorities relating to the prudential supervision of credit institutions and the stability of the financial system”. As for the instruments available, these include both measures that directly pursue the objectives and measures that are instrumental in achieving them. Finally, the other constitutional rules that set out the framework within which the ECB pursues its objectives include the principles of conferral, institutional balance, proportionality, equal treatment and non-discrimination, as well as the principle of an open market economy and the prohibition of monetary financing.
JEL Code
K23 : Law and Economics→Regulation and Business Law→Regulated Industries and Administrative Law
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
G28 : Financial Economics→Financial Institutions and Services→Government Policy and Regulation
2024
International Sanctions: Monetary and Financial Law Perspectives
The Role of Central Banks in the Application of International Financial Sanctions: the Case of the ECB and the Sanctions against Russia
  • Zilioli, C.
2024
Brill
International Sanctions: Monetary and Financial Law Perspectives
  • Zilioli, C.; Bismuth, R.; Thévenoz, L.
2023
Central bank Digital Currencies – proceedings of a Colloquium
Central Bank Digital Currencies: Central Bank Money Reaches a New Frontier
  • Zilioli, C.
2023
OUP
International Monetary and Banking Law Post COVID-19
  • Zilioli, C.; Blair, B.; Gortsos, C.
2023
ECB Legal Conference 2023 - Treading softly: How central banks are addressing current global challenges
Central Banks Immunities and International Sanctions: an Introduction
  • Zilioli, C.
2023
International Monetary and Banking Law Post COVID-19
The Response of Central Banks to the COVID-19 Crisis – Legal Aspects of the ECB’s Monetary Policy Measures
  • Zilioli, C.; Riso A.L.
2023
Finance, Law, and the Courts – Financial Disputes and Adjudication
Foreword
  • Zilioli, C.
2022
The ‘New’ European Central Bank: Taking Stock and Looking Ahead
Foreword - Evolution, not Revolution: The Development of the Role of the European Central Bank since its Establishment
  • Zilioli, C.
2022
Liquid Legal- Humanization and the Law Springer
Foreword: Preserving the Rule of Law in the Digital Era: The Responsibility of Lawyers
  • Zilioli, C.
2022
CMLR
Climate change and the mandate of the ECB: Potential and limits of monetary contribution to European green policies
  • Zilioli, C.; Ioannidis, M.
2021
ECB Occasional Paper Series, 276
The Mandate of the ECB: Legal Considerations in the ECB’s Monetary Policy Strategy Review
  • Zilioli, C.; Ioannidis, M.; Hlásková Murphy S. J.
2021
EuZW
Klimawandel und das Mandat der EZB
  • Zilioli, C.; Ioannidis, M.
2021
Edward Elgar
Judicial Review in the European Banking Union
  • Zilioli, C.; Wojcik
2021
Yearbook on Procedural Law of the Court of Justice of the European Union Second Edition, MPI Luxembourg for Procedural law, Research Paper Series N° 2021
A New Kid on the Block: The European Central Bank Before the Union Courts (with Buono), in
  • Zilioli, C.
2021
EULawLive
The new ECB monetary policy strategy and the ECB’s roadmap of climate change-related actions – some legal considerations
  • Zilioli, C.
2020
46 ELR
Crypto-assets: Legal characterisation and challenges under private law
  • Zilioli, C.
2020
International Monetary Fund (IMF), Law & Financial Stability
New tasks for the European Central Bank: between Separation, Synergies and the Preservation of Independence
  • Zilioli, C.
2019
Zentralbanken, Währungsunion und stabiles Finanzsystem
Proportionality as the Organizing Principle of European Banking Regulation
  • Zilioli, C.
2018
Institutions and the Crisis
From Form to Substance: Judicial Control on Crisis Decisions of the EU Institutions (with a focus on the Court of Justice of the European Union)
  • Zilioli, C.
2018
Research Handbook on Central Banking
New tasks and challenges to central bank independence: the ECB and the Eurosystem experience
  • Zilioli, C.; Riso, A.L.
2018
Un parcours européen : de la Cour de justice des Communautés européennes à la Cour de justice de l’Union européenne, Liber Amicorum en l’honneur de Antonio Tizzano
La Corte, giudice costituzionale delle competenze attribuite alle istituzioni dell’Unione: il caso della Banca centrale europea
  • Zilioli, C.
2018
Oxford Principles of European Union Law, Vol.1: the European Legal order
The European Central bank
  • Zilioli, C.; Athanassiou
2018
Studi Senesi CXXX (III Serie, LXVII)
Tavola Rotonda su “I salvataggi bancari nella prospettiva europea”
  • Zilioli, C.
2017
ECB Legal Conference 2017, Shaping a new legal order for Europe: a tale of crises and opportunities
Justiciability of central banks’ decisions and the imperative to respect fundamental rights
  • Zilioli, C.
2016
Independence and Legitimacy in the Institutional System of the European Union
The Independence of the European Central Bank and its New Banking Supervisory Competences
  • Zilioli, C.
2016
The European Court of Justice, the European Central Bank and the Supremacy of EU Law
The ECB’s Powers and Institutional Role in the Financial Crisis: a Confirmation from the Court of Justice of the European Union
  • Zilioli, C.
2016
ESCB Legal Conference 2016
Technological innovations and the future of payments: introduction
  • Zilioli, C.
2015
EUV-/ AEUV-Kommentar
Commentary to Articles 130, 283, 284 of the TFEU and to Articles 10, 11, 12, 13, 14, 15 of the Statute of the European Central Bank
  • Zilioli, C.
2015
From Monetary Union to Banking Union, on the way to Capital Markets Union – New Opportunities for European Integration
Emergency Liquidity Assistance between Monetary Policy and Supervision: National Central Bank or Eurosystem Task? Introduction
  • Zilioli, C.
2014
Breviaria iuris: Commentario breve ai Trattati dell’Unione europea
Commentary to Articles 127 (with Riso), 128 - 129 (with Carlini), 130, 132 (with Riso), 282 (with Recine), 283 (with Riso), 284 of the Lisbon Treaty
  • Zilioli, C.
2013
L’Unione Europea a vent’anni da Maastricht: verso nuove regole
La Banca Centrale Europea vent’anni dopo: nuove funzioni, nuovi poteri
  • Zilioli, C.
2012
Current developments in monetary and financial law, Volume 6: Restoring Financial Stability: The Legal Response
The Legal Response to the Financial Crisis Between 2008 and 2010: the Role and Initiatives of the European Central Bank
  • Zilioli, C.
2011
Révue universelle des droits de l’homme, vol.20 n.1-3, 30 juin 2011
L’impact de l’évolution de la conception de la gestion des ressources humaines sur le contrôle de légalité, in
  • Zilioli, C.
2011
Human Rights Law Journal vol.31, n.1, 30 June 2011
The New Role of the Institutions as Staff Managers in a Changed Working Environment
  • Zilioli, C.
2010
US European Union Studies Association Newsletter
The Legal Response to the Financial Crisis in Europe
  • Zilioli, C.
2007
Yearbook of European Law 2007
Recent Developments in the Law of the European Central Bank
  • Zilioli, C.; Selmayr
2007
Common Market Law Review
The Constitutional Status of the European Central Bank
  • Zilioli, C.; Selmayr
2007
Giuffré
La Banca centrale europea
  • Zilioli, C.; Selmayr
2006
EMU Rules: The Political and Economic Consequences of European Monetary Integration
The Constitution for Europe and its impact on the Governance of the Euro
  • Zilioli, C.
2005
Legal Aspects of the European System of Central Banks (Liber Amicorum Paolo Zamboni Garavelli)
National Emergency Powers and Exclusive Community Competences - A Crack in the Dam?
  • Zilioli, C.
2004
Studi parmensi, 2/2004, CEDAM
Accountability and Independence: Irreconcilable Values or Complementary Instruments for Democracy? The Specific Case of the European Central Bank
  • Zilioli, C.
2003
Vertag über die Europäische Union und Vertrag zur Gründung der Europäischen Gemeinschaft, Kommentar, vol III
Commentary to Articles 10, 11, 12, 13, 15, 16 (with di Preso), 34 (with Kroppenstedt), 36 and 52 (with di Preso) of the Statute of the European Central Bank and Articles 106 (with di Preso), 110 (with Kroppenstedt), 112, 113
  • Zilioli, C.
2003
Mélanges en homage à Jean-Victor Louis
Accountability and Independence: Irreconcilable Values or Complementary Instruments for Democracy? The Specific Case of the European Central Bank
  • Zilioli, C.
2001
Hart
The law of the ECB
  • Zilioli, C.; Selmayr
2000
Yearbook of European Law 2000
The European Central Bank, Its System and Its Law
  • Zilioli, C.; Selmayr
2000
Common Market Law Review 2000
The European Central Bank: an independent specialized organization of community law
  • Zilioli, C.; Selmayr
1999
EUREDIA 1999/3
The European Central Bank, Its System and Its Law, Second part
  • Zilioli, C.; Selmayr
1999
CESIFIN, Firenze
The Community legal framework for the transition to the Euro and the role of the European Central Bank
  • Zilioli, C.
1999
Common Market Law Review 1999
The External Relations of the Euro Area: Legal Aspects
  • Zilioli, C.; Selmayr
1999
EUREDIA 1999/2
The European Central Bank, Its System and Its Law, First part
  • Zilioli, C.; Selmayr
1997
Diritto Comunitario e degli Scambi Internazionali
The legal framework for the introduction of the euro in the regulations of the Council of the European Union
  • Zilioli, C.
1997
Kommentar zum EU-/EG/ Vertrag, Fünfte Auflage
Commentary to Articles 10, 11, 12, 13, 15 of the Statute of the European Central Bank
  • Zilioli, C.
1995
Rivista Giuridica dell’Ambiente (Giuffrè)
The application of the subsidiarity principle in the community law of the environment
  • Zilioli, C.
1995
Internationales Umwelthaftungsrecht I - Auf dem Wege zu einer Konvention über Fragen des Internationalen Umwelthaftungsrechts
Choice of Law
  • Zilioli, C.
1995
Giuffré
Il risarcimento del danno derivante da incidenti industriali transnazionali
  • Zilioli, C.
1991
Foro italiano
The Court of Justice describes in more detail the concept of “professional training”
  • Zilioli, C.
1991
American Journal of International Law 1991
Book review: Benedettelli, Il giudizio di eguaglianza nell’ordinamento giuridico delle Comunità Europee
  • Zilioli, C.
1990
Mercato Europeo dei prodotti lapidei: previsione per il 1992, Proceedings of the Conference of 3 June 1989
Possible consequences of new community legislation on offer to tender
  • Zilioli, C.
1989
European Community Law of Education
The Recognition of Diplomas and its Impact on Educational Policies
  • Zilioli, C.
1989
Foro Italiano
Professional training in the EEC
  • Zilioli, C.
1989
Diritto Comunitario e Scambi Internazionali
The opening of intracommunity borders to the professionals: the EEC directive n. 89/48
  • Zilioli, C.
1988
in Rivista Giuridica dell’Ambiente (Giuffrè)
Esperienze di amministrazione e documentazione
  • Zilioli, C.
1987
Diritto Communitario e degli Scambi Internazionali
Recent Developments on Possible Conflicts Between National and EEC Norms
  • Zilioli, C.
1987
in Rivista Giuridica dell’Ambiente
The Bhopal Case and the Control on Hazardous Activities by Transnational Corporations
  • Zilioli, C.
1986
Diritto Comunitario e degli Scambi Internazionali
The proposal for a EEC Directive on Recognition of Higher Education Diplomas - Interrelations between the Cultural and the Economic Field in the EEC - The Case of the Liberal Professions
  • Zilioli, C.
1985
Rivista di Diritto Internazionale Privato e Processuale
The Munich Convention on the Issuance of Marriage Capacity Certificates
  • Zilioli, C.
1985
CESA-SPISA, Bologna
The Community financial instruments for investment in Italy and in the developing countries
  • Zilioli, C.; Martinengo, G.; Staiano, G.; Vinci, G.
1985
Diritto Comunitario e degli Scambi Internazionali
Effects of the Ratification of the Co-operation Treaty on Patents - Short Comment of the Statute n. 890 of 12.21.1984
  • Zilioli, C.
1984
Rivista di Diritto Internazionale Privato e Processuale
Some Problems Regarding the Application of the New Law on International Adoption
  • Zilioli, C.