By deploying a range of conventional and unconventional monetary policy measures, the European Central Bank (ECB) avoided deflation, reduced financial fragmentation and supported the economic recovery. We’ve done it within the mandate given to us by the people of Europe, namely price stability. And we are fully accountable to the European Parliament and the European Court of Justice.
But monetary policy alone cannot achieve sustainable growth. It needs to be complemented by economic, and where available, fiscal policies at national and European level. Organising our interdependencies We also need to better organise our interdependencies. First, we should not ignore our economic and financial connections when considering national policies.