For the time being, let me just say that we attach crucial importance to both accountability and transparency in the pursuit of our mandate and that the ECB follows best practice in both regards, in many respects going well beyond the literal requirements of the Treaty. Finally, let me mention the relevant issue of fiscal policy.
Blanchard and Gali (2007) suggest that the seemingly muted affect of changes in the price of oil and inflation in recent years has been the result of falling energy intensity, more flexible labor markets, better monetary policy, and good luck. 6  See Lucas (1976).