It also makes a central banker’s job interesting and attractive for academics. Has independence helped in containing inflation? The decline in trend inflation worldwide is in part explained by monetary policy in many countries being geared towards price stability, which is enhanced by the increasing independence of central banks in achieving their goals.
If anything, the financial stability concerns raised by recent market tensions revealed that the incomplete banking union is a source of vulnerability for Europe's banking sector. If the banking union had been complete, the recent contagion from the United States and Switzerland to the EU financial system would have been far more muted.