And he states that credit policy and interest on reserve policy involve the use of public funds in a way that may imply an allocative role – and which may therefore blur the respective roles of the monetary and fiscal authorities.
In this context, it is worth recalling that the monetary constitution of the ECB is firmly grounded in the principles of ‘ordoliberalism’, particularly two of its central tenets: •  First, a clear separation of power and objectives between authorities;  •  And second, adherence to the principles of an open market economy with free competition, favouring an efficient allocation of resources.