The best protection against – unjustified – attacks on the independence of monetary policy is therefore a narrower mandate combined with a high degree of transparency and the strict interpretation of legal limits. In this respect, a broader mandate in some jurisdictions warrants a clear distinction between government tasks and ancillary central bank tasks.
As to supervision operational autonomy is of the essence but of a nature that is functionally determined. Monetary policy independence extends indeed to a broader regulation power and a role as “guardian of the Treaty”.