First of all, I don’t like this talk of “the Germans”, “the Italians” or “the French”. We live in democracies. Our mandate is to ensure price stability. We have delivered price stability, and the markets clearly trust us to continue doing so for the next ten years.
Jeanne, Olivier and Anton Korinek, 2013: “Macroprudential Regulation Versus Mopping Up After the Crash”, NBER Working Paper, no. 18675. Kim, Soyoung, 2001: “International Transmission of U.S. Monetary Policy Shocks: Evidence from VAR's”, Journal of Monetary Economics 48(2), 339–372.