Accountability

n. quality of being accountable, responsibility

Accountability is a concept in ethics with several meanings. It is often used synonymously with such concepts as answerability, enforcement, responsibility, blameworthiness, liability and other terms associated with the expectation of account-giving. As an aspect of governance, it has been central to discussions related to problems in both the public and private (corporation) worlds.
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Noun
1. responsibility to someone or for some activity
(synonym) answerability, answerableness
(hypernym) responsibility, responsibleness

(n.)
The state of being accountable; liability to be called on to render an account; accountableness.
  

The legal and political obligation of an independent institution to properly explain and justify its decisions to the citizens and their elected representatives, thereby making it responsible for fulfilling its objectives. The ECB is accountable to the European citizens and, more formally, to the European Parliament.