In a democratic society, central bank independence can only be legitimate if it is founded on a clear mandate and balanced with accountability to ensure that the central bank follows its mandate. This also means that forceful efforts to ensure price stability need to be accompanied by equally forceful democratic scrutiny.
In this spirit, we will continue our ongoing dialogue with you as the representatives of EU citizens. As also advocated in your draft resolution, the ECB stands ready to agree on a formalisation, in writing, of the current accountability practices between the ECB and the European Parliament.