Monetary policy frameworks have to be made robust against the challenges ahead and I believe a number of principles for robust monetary policy frameworks should be strongly reaffirmed as a result. First, we should recognise the centrality of price stability for monetary policy. This is the best contribution that monetary authorities can make to overall economic welfare.
Otherwise political pressures to adopt one or the other stance in questions of financial stability might also threaten central bank independence. Conclusions At the time the Treaties were drafted, financial stability and the potential differences between financial and business cycles were not a primary consideration. The Treaty provisions do not point towards a clear, unambiguous role for the ECB.