The public will, however, understand this problem and expect higher inflation from the outset, so that the perceived short-term trade-off between inflation and output will be negated and a permanently higher inflation rate will ensue as the only certain outcome.
The only way out of this dilemma is to delegate monetary policy to an independent central bank with a clear mandate to safeguard price stability. The concept of independence includes •  The institutional independence of the ECB and the national central banks of the Eurosystem from any political interference is guaranteed in Article 108 of the Treaty.