However, the Maastricht Treaty – the equivalent of the statute establishing the objectives for a central bank – identifies price stability as the principal objective in the context of a hierarchical mandate. Article 105 of the Maastricht Treaty states that "the primary objective of the [European System of Central Banks (ESCB)] shall be to maintain price stability.
OECD research suggests that dynamic firm turnover depends strongly on product market reforms that raise competitive pressures, labour market reforms that allow firms to adjust more easily to changing market conditions, and the efficiency of the legal framework in areas such  7  De Kok, J. et al (2011), "Do SMEs create more and better jobs", EIM Business & Policy Research report, November 2011.