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This paper examines whether the ECB's consultations, imposed by the SSM Regulation, enhance legitimacy in terms of openness, transparency, inclusiveness, efficacy and judicial accountability. The paper argues that the ECB has, in general, established a solid consultation practice. However, although there is a need for efficacy, the lack of a profound feedback statement, the low participation rate of groups other than the sector actors, and weak judicial review can be considered to constitute its Achilles' heel. Thus, while in theory the consultation obligation leads to more throughput legitimacy, reality has turned out to be far more complex. [ABSTRACT FROM AUTHOR]

Two opposing theories explain the European Central Bank's (ECB) far‐reaching powers: principal‐agent and trusteeship. This article situates both theories on a sliding scale of delegation, with agents on one end of the spectrum, and trustees on the other. Applying this new perspective to the European Stability Mechanism (ESM) allows us to understand how the ECB, positioned on the agent side of the scale by the ESM Treaty, slides towards the trustee side in practice. This way, the article identifies two problems. Firstly, the ECB assumes a 'zone of discretion' that is not captured by the control mechanisms, thereby disregarding an essential feature of delegation. Secondly, the rationale of the Meroni doctrine, judicial review, is disregarded given the insufficient protection against the ECB's actions. These findings become increasingly important with the long‐term aim to incorporate the ESM in the EU legal order. [ABSTRACT FROM AUTHOR]