Some are calling for amendments to the Treaty in order to expand the ECB’s mandate. 24 In particular, on the American example, it is urged that the objective of price stability be flanked by an explicit objective of equal status in terms of unemployment or employment levels; and that the ECB be allowed to purchase government securities directly at issue.
Naturally it’s not up to me, a central banker, to say what objectives the political institutions should assign to the central bank. But these risk being false solutions to a false problem.