Overall, the split between main refinancing and longer-term operations shifted slightly toward the second category in the course of the second phase of the turmoil. In addition, the average maturity of the refinancing operations rose as a result of the introduction of operations with a six-month maturity.
Although, in general, central bank independence countervails undue political influence, it does not itself solve the potential for conflict which can harm the credibility of monetary policy. Consequently, fiscal discipline is not only a complementary condition of monetary stability, but also of overall macroeconomic stability.