We tend to think of financial activity and innovation as very recent, but in fact the history is a long one. There is not time to do justice to that history here, and there are some fascinating books on the subject which repay the reader generously for the investment of their time.
The European Central Bank’s price stability objective is enshrined in the Treaty.12 By contrast, economic policy remains in the remit of Member States.13 It is, however, a Treaty obligation for Member States to regard their economic policies as a matter of common concern and to coordinate them.