In principle, both monetary and fiscal policy might strive to stimulate the economy. Some observers thus claim that monetary policy and fiscal policy should act in concert and that central bankers should bow to politicians. They evidently believe that central bank independence is superfluous in this day and age.
It is true that, at the lower bound of interest rates, fiscal policy is in theory often considered a powerful instrument. And in the current environment the ECB Governing Council reminds governments of their responsibility for macroeconomic stabilisation and longer-term growth. However, the interests of monetary policy and fiscal policy will not overlap forever.