Finally, the policy strategy selected will need to be consistent with the ECB’s independence. By this I mean to say that the strategy chosen must not inspire outsiders to meddle in the discussions on interest rate policy. The Maastricht Treaty is perfectly clear on this point.
It would be undesirable if any inflationary differences within the Union were to lead to politicisation of the interest rate policy within the ECB Governing Council. It seems to me that this risk is greater in the case of direct inflation targeting than if monetary targeting were pursued. I am approaching the end of my address.