Should price expectations lose the anchor of stability, even the easing of exogenous cost pressures, though desirable, would not be sufficient to halt the process. 41. For the central bank, price stability is the primary, constitutionally imperative objective. The ECB has taken the path to calibrated but firm monetary normalisation and has announced that this path will continue.
For this reason, and to ensure consistent and persistent implementation of the required financial disciplines, central banks are given independent discretionary powers on the operational procedures they regard as necessary to discharge of their responsibilities.