As reiterated by President Draghi, the Governing Council is unanimous in its commitment to using other unconventional instruments within its mandate in order to cope effectively with the risks of an excessively long period of low inflation.
It is important that we do not doubt the central bank’s ability to stimulate aggregate demand when this is needed to ensure price stability in the medium term; even less should we doubt the ECB’s independence and the strength of the institutional safeguards envisaged under the Treaty: those on the basis of which governments pledged to delegate the conduct of monetary policy and not interfere in it.