Monetary Policy has been depoliticised and denationalised. The ECB’s mandate The mandate of the ECB is laid down in Article 105 of the Treaty, which clearly states that the primary objective of the ECB shall be to maintain price stability in the euro area.
Monetary growth has remained at 18 per cent in April 2014 on point to point basis while most interest rates have come down to single digit. Despite high monetary liquidity, growth of credit to the private sector remains within targeted band.