As the only European institution with executive powers and a federal mandate and functioning, the temptation is to conclude that there is nothing new to invent in this domain. “If it ain’t broke, don’t fix it”. I think this is a feeling that many share.
Be it as it may, what is important is to realise that, after just over a decade, the ECB has become a model of credibility at the international level. First, because it has fulfilled its mandate of price stability in a period marked by crisis and episodes of sharp rises in the prices of raw materials and energy.