Furthermore, the ECB is to support the general economic policies of the Union, aiming among other goals at sustainable economic growth, provided that this is possible without prejudice to the objective of price stability. There is, therefore, a clear hierarchy of objectives, and for good reason, as I will explain.
The ECB and the Eurosystem are also called upon to “contribute to the smooth conduct of policies pursued by the competent authorities relating to prudential supervision of credit institutions and the stability of the financial system” (Article 105 of the EU Treaty).