Following the adoption of Eurocrisis Law, the European Parliament (EP) has been strongly empowered in the Economic and Monetary Union. It may intervene mostly in three ways: by the means of control mechanisms around Euro summits, during Economic Dialogues and in the framework of the European Parliamentary Week and the Interparliamentary conference on Stability, Economic Coordination and Governance. An analysis of the practice reveals however that thus far this empowerment has remained largely theoretical; The EP could still better exploit the potential of its newly attributed capacities. The reform proposals currently under discussion were found to bear some potential if adequately used, despite being (still) of a soft nature like the ones currently existing.

The newly established European Banking Union has introduced a unique accountability framework of the European Central Bank vis-à-vis the European Parliament (EP), but also vis-à-vis national parliaments, in the form of Banking Dialogue. The ECB was thus far held to account for its monetary policy actions by the EP in the framework of the long-existing Monetary Dialogue. However, some shortcomings have become apparent in this procedure, especially with the economic crisis. Beyond this, the recent attribution of new competences to the ECB calls for a reflection as to the accountability mechanisms in place to control its actions. Based on an empirical and normative analysis of both types of dialogues, we contend that the Banking Dialogue could serve as a model to reform the Monetary Dialogue to enhance the legitimacy of the ECB's actions and of the EU as a whole.

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This introductory article sets the ground for the analysis performed in the articles included in this Special Issue. It shows why a new analysis of the European Central Bank (ECB)'s accountability is required by referring to recent developments, and by underlining how much the ECB's role and standing have changed since its creation 20 years ago. Indeed, its resorting to unconventional monetary policies in response to the recent economic and financial crisis, as well as the creation of the Banking Union, have significantly affected the ECB. This introduction also recalls the main elements of the debate on the balance between accountability and independence, and shows how this balance has evolved. On the basis of the findings of the articles included in this Special Issue, some conclusions and hypotheses as to the way forward are formulated.

This introduction sets the context of the analysis conducted in this special issue. In particular, it examines the issue of the democratic legitimacy of the European Union (EU) Economic Governance, the role of national parliaments and of the European Parliament in the European integration process. It also addresses the question of throughput legitimacy within the EU that guides all contributions. This serves as basis to study the urgency of the democratic challenge in the EU economic governance, as well as its specificity. After the contributions to this special issue are briefly presented, this introduction examines what they bring to the overall debate on democratic legitimacy in this policy domain, among others in terms of the difficulties that have arisen across Member States. At the same time, perspectives of possible future developments are also spelt out, in particular in the context of an EU-27 post Brexit.

Interparliamentary conferences and other permanent forums for interparliamentary cooperation are blossoming in the European Union. Following more or less lengthy negotiations between national and European parliamentarians, two new conferences and a new joint parliamentary scrutiny group for Europol have been created since 2012. Against this background, this article examines to what extent the Joint parliament scrutiny group is comparable to the previously existing interparliamentary conferences. Beyond that, it asks the question as to whether any better-defined guidelines or procedures could be adopted to rationalise the process of creation of new forums for interparliamentary cooperation. It makes some concrete proposals in that direction.