The Error-Related Negativity (ERN) is a component of the event-related brain potential (ERP) that is associated with action monitoring and error detection. The present study addressed the question whether or not an ERN occurs after verbal error detection, e.g., during phoneme monitoring.We obtained an ERN following verbal errors which showed a typical decrease in amplitude under severe time pressure. This result demonstrates that the functioning of the verbal self-monitoring system is comparable to other performance monitoring, such as action monitoring. Furthermore, we found that participants made more errors in phoneme monitoring under time pressure than in a control condition. This may suggest that time pressure decreases the amount of resources available to a capacity-limited self-monitor thereby leading to more errors.