I respect what you’re saying about the ECB’s paramount independence, but, at the same time, you’re not monks in cells. You don’t sort of deliberate within the monastery and come up with something. MD Today most central banks are independent, headed by non-elected officials, and quite powerful. This set-up is acceptable only if independence is limited by the mandate.
That’s the framework that legislators have given us – independence limited by our mandate. That’s why we are so keen about respecting the mandate, because that’s the true guarantee of our independence, which especially in the euro area set-up is crucial for our credibility. And credibility is essential for delivering price stability.