Looking at the track record of sound economic policies in the past I am confident that the newest member of the euro area “family” will continue with responsible economic domestic policies, securing further stable and robust economic growth and pursuing efficiently the catching-up process.
Third, greater central bank involvement in financial stability raised doubts about entrusting them with too many endeavors, and on the consistency of these tasks with independence. Fourth, detractors of independence identified it as an obstacle to coordinate monetary and fiscal policies, while also worrying about the distributional implications of quantitative easing.