The ECB has always maintained that the interaction between the single monetary policy and national fiscal policies in EMU needs to be based on a clear allocation of responsibilities, with each party (institution or authority) being responsible for achieving its objectives and delivering on its own mandate.
The role of the ECB is determined, first and foremost, by its mandated primary objective to maintain price stability in the euro area. The public and financial markets must rest assured that the ECB will successfully carry out its mandate.