As you know, the Treaty states that, without prejudice to the primary objective of price stability, the Eurosystem shall support the general economic policies in the Community, aiming at a high level of employment and sustainable and non-inflationary growth.
It is sometimes argued that the ECB’s overriding focus on price stability implies that we do not pay sufficient attention to this latter part of our mandate; in other words, that in our policy we do not attach sufficient importance to growth, employment and the welfare of European citizens.