Banks and Central Banks

Money is the lifeblood of a capitalist economy. Its "essential hybridity" (Pistor) as a creation of public authority that is nourished by the intermediation of private actors makes the legal regulation of central banks and the financial industry a particular challenge for democratic societies. Here, individual freedom and public interests are interconnected in a myriad of interconnected ways. At the same the economic function of money, and indeed the very concept of it, varies with the legal framework. The research projects assembled within this frame study the possibility of the democratic governance of money and the financial sector and their interplay with economics and finance.

Key publications

Goldmann, Matthias (2018). United in Diversity? The Relationship between Monetary Policy and Prudential Supervision in the Banking Union. European Constitutional Law Review, 14(2), 283-310. Available here. Also Available as Safe Working Paper at

Constitutional Pluralism as Mutually Assured Discretion: The ECJ, the BVerfG, and the ECB. Maastricht Journal of European and Comparative Law 23 (2016) 119-135. Available here.

Adjudicating Economics? Central Bank Independence and the Appropriate Standard of Judicial Review. German Law Journal 15 (2014) 265-280. Available here.

Stress Testing Stress Tests: Challenging the Authority of Indicators (2012). Available at SSRN.

The Financial Crisis as a Crisis of Public Reasoning, in: Benjamin Isakhan, Steven Slaughter (eds.), Democracy and Crisis: Democratising Governance in the Twenty-First Century. Palgrave Macmillan, Basingstoke 2014, 71-87.