Moving Forward, Never Backwards: Preventing Fraud In the European Union and Defining European Central Bank Independence

Abstract

Part I of this Note will describe the need for anti-fraud measures within the Community. Part I will also detail the various legislative actions taken by the Commission, the Parliament and Council, and by the ECB and by the EIB to combat fraud. Part II will present the Commission\u27s case against the ECB, the ECB\u27s defense, the views expressed by Advocate General Jacobs and the ultimate judgment of the ECJ. Part II will focus primarily on the Commission v. ECB, but will note similarities and variances from the Commission\u27s case against the EIB. Finally, Part III will discuss the leeway afforded to fraud prevention within the EC, the fundamental basis of ECB independence, and the impetus of the ECJ\u27s decision regarding the nature of ECB independence and to some degree EIB independence