To remedy that, we had no other alternative than to limit the term of office of non-executive directors of local banks to 6 years with a cooling-off period of two years before a possible re-appointment. This would allow for more fresh blood in the Boardroom with new ideas, new mindset and, why not, bolder initiatives.
Moreover, such reforms, together with prudent fiscal policies implemented at the national level, will help bring the higher inflation rates recorded in some euro area countries down to the average for the single currency area. The ECB’s monetary policy can and will secure price stability for the euro area as a whole.