The supervisory powers of the European Central Bank (ECB) are accompanied by stringent transparency and accountability requirements. The Interinstitutional Agreement between the European Parliament and the European Central Bank of 7 November 2013 (2013/694/EU) sets out the practical modalities of the democratic accountability the ECB must provide before the European Parliament, as a democratically legitimised institution representing the EU Member States and their citizens.
This agreement ensures an unprecedented degree of supervisory transparency in the following forms, among others:
- The establishment of the safeguards implemented by Parliament corresponding to the level of sensitivity of the information provided by the ECB, in order to ensure its confidentiality.
- The presentation of detailed and complete information on the supervisory procedures of the SSM, progress in their operational implementation and the related findings through annual and quarterly reports which the ECB submits to Parliament and in response to queries by Parliament, which the ECB must answer in writing.