The Treaty also clarifies that there is no trade-off between this objective and the support that the ECB can lend to the general objectives of the Community. The assignment to the ECB of specific tasks concerning the functioning of the ESRB is welcome, but does not constitute an additional objective for monetary policy.
Nor does the creation of the ESRB change the clear allocation of responsibilities enshrined in the Treaty. The integrity of the overall macroeconomic analysis conducted within the European System of Central Banks (ESCB) will remain untouched. The ESRB and its members will be provided with a high degree of independence from political influence.