In accordance with the principle of financial independence as established by Article 130 of the Treaty on the Functioning of the European Union it follows that a central bank must permanently have adequate equity available to fulfil its monetary policy tasks within the Eurosystem.
However, this does not mean that every loss must be immediately and fully offset by private or public shareholders or the Member States. A central bank can in the short and medium-term, even with reduced or negative equity, fulfil its Eurosystem monetary policy tasks. In this respect a reduced or negative equity does not preclude from the outset an orderly and stability-oriented monetary policy.