Without prejudice to the independence from governments as established in the Treaties, at times of profound crisis a close harmony between the actions of governments and monetary authorities is crucial. The response to the pandemic is clear proof of this.
To summarize, because of demographic changes and rising medical costs, federal expenditures for entitlement programs are projected to rise sharply over the next few decades. Dealing with the resulting fiscal strains will pose difficult choices for the Congress, the Administration, and the American people.