And we embody transparency and simplicity by being rules-based and as predictable as possible in our operations. This commitment to risk efficiency is vital for several reasons. First, central bank revenues are public funds, meaning any losses by central banks are losses for the public purse in each euro area country.
Second, losses can affect the financial independence of central banks and therefore, potentially, their operational independence. Third, losses can harm our credibility and reputation in the eyes of the public, and thus their confidence in the central bank to maintain price stability. For these reasons, our principles will continue to guide our approach to risk management in all our policy decisions.