C’était, avec les résultats également remarquables des autres banques centrales nationales, une contribution décisive à la création de la monnaie unique. Independence from executive branches is an essential feature of the institutional framework for a successful monetary policy as it allows the central bank to pursue its primary objective and to take full responsibility for its actions.
The combination of ongoing deleveraging by banks and households, increased fiscal austerity and declining confidence is expected to restrain growth across the advanced economies.   The Bank now expects that the euro area – where these dynamics are most acute – will experience a brief recession.