The President of the European Central Bank (ECB) takes part four times a year in a monetary dialogue with Parliament's Committee on Economic and Monetary Affairs (ECON) to report on monetary policy and answer question from MEPs. Although guaranteed independence under the Treaty, the ECB is accountable for its actions towards the European Parliament, and more precisely the ECON Committee.

The European Central Bank is the central institution of the Economic and Monetary Union and has been responsible for conducting monetary policy for the euro area since 1 January 1999 The ECB and the national central banks of all EU Member States constitute the European System of Central Banks.