The Limits of Transparency: Expert Knowledge and Meaningful Accountability in Central Banking

Abstract Recent discussions of accountability in contexts expert knowledge raise questions about the limits transparency. Against this background, we discuss nexus between and meaningful – that is, context-sensitive based on a genuine understanding situation. We argue concentration expertise certain institutions makes it difficult to hold those accountable. In particular, three components challenge accountability: specialization, inaccessibility potential biases or conflict interest. emphasize role ‘epistemic communities’ their impact tension independence. Drawing deliberative systems literature, how might be communicated outsiders enable accountability. To illustrate our argument, draw European Central Bank, case study which states have chosen delegation design characterized by high degree independence trust knowledge, detriment sketch possible avenues for creating conditions even with highly concentrated expertise.