Without that adaptability, the gains from other reforms would not have been as easily or as quickly realised. It also has an important role in responding to cyclical demand-side shocks in a prompt, measured way.
The clear priority given to the price stability objective also highlights the fact that the ECB itself does not have either the means or the responsibility for ensuring a high level of employment and real growth, beyond the positive impact of price stability just mentioned. Such a clear allocation of task and objective to different policy-makers ensures efficiency, transparency and accountability.