The past forty years have seen a shift towards a more stabilityoriented economic policy. This applies, for 5 December 2022 example, to independent central banks with a clear mandate to ensure price stability. But let me be clear. High inflation is the most important macroeconomic challenge facing central banks today.
In particular, the severity of the euro crisis has weakened faith in the EU as a foundation of economic security. So Europe, and even more so the euro area, faces a moment of decision. We need answers to the questions that citizens are asking.