First, institutionally, by prohibiting national and supranational institutions from issuing the ECB or the national central banks with instructions. And second, functionally, by awarding the sole prerogative regarding strategies and measures to ensure price stability to the Eurosystem. The independence of the central banks is further safeguarded by specific debt ceilings, which are intended to prevent member states from accumulating excessive debt.
A country’s public deficit is not supposed to exceed a maximum of 3% of its GDP within a one-year period. Moreover, a country’s overall sovereign debt should not go beyond 60% of its annual GDP. These rules are designed to prevent governments from exerting pressure on monetary policy makers, as lower interest rates allow governments to borrow more cheaply.