It is interesting to note though that the societal consensus for independence has formed over time, reflecting experience with spouts of hyperinflation and observed actions of the central bank after World War II. [17] This broad societal consensus in favour of central bank independence has also carried over to the European level.
[18] Trust of the population has been justified by the low-inflation policies since the foundation of the ECB (European Central Bank): Inflation has been lower than during the preceding decades, in particular during the turbulent 1970s (Graph 1 and Reis 2022b).