The ‘Banking Dialogue’ as a model to improve parliamentary involvement in the Monetary Dialogue?^*

* Although the content of the paper is the result of a joint work, Diane Fromage has written paragraphs 3, 4, 5 while Renato Ibrido the others. The authors are also thankful for their useful comments to the participants of the Thirteenth Workshop of Parliamentary Scholars and Parliamentarians, held in Wroxton on 29–30th July 2017.

Figures & data

Table 1. Own representation.

	Monetary Policy and Monetary Dialogue	Banking dialogue (SSM)
(Parliamentary) accountability to:	EP	EP and NPs of Banking Union member states
Accountability legal framework	Art. 284 TFEU	Art. 20 and 21 Regulation 1024/2013
	Art. 126, 131 EP Rules of Procedure
		Interinstitutional Agreement ECB-EP
Appointing power	Only a consultation of the EP in the appointment of the Executive Board	EP has veto power on the appointment of the Supervisory Board (SB) Chair and Vice Chair
Hearings	(At least) 4 hearings of the ECB President before the ECON Committee	2 ordinary hearings of the SB Chair before the ECON Committee. Additional ad hoc exchanges of views and special confidential meeting
		NPs may invite SB to participate in an exchange of views
Reports	ECB President presents Annual Report to the plenary	SB Chair presents the Annual Report to EP at a public hearing
		NPs receive the report and may address reasoned observations
Written question	Any Member of EP may put a maximum of 6 questions per month for written answer to the ECB. Questions shall be replied within 5 weeks
	With regard to the SSM, NPs may request the ECB to reply in writing to any observations or questions