‘The independence of the European Central Bank and its primary objective of maintaining price stability are solemnly enshrined in the Maastricht Treaty: there can be no divergences, no doubts of interpretation.’ 10 But the autonomy of central banks, as the articles printed in the Corriere della Sera on 9 December 1920 remind us, is not part of the natural condition of mankind; quite the opposite.
We have preferred to cease using the word so as to dispel the impression that had prevailed in financial markets that by using it, we are committing ourselves to maintaining interest rates unchanged for a considerable period of time. It is a controversial decision. Some observers are wondering whether the ECB may perhaps be losing some of its transparency.