With its supranational status, the ECB is further removed from the political pressure of national governments than even the most independent national central banks. In addition, there is no political counterpart to the supranational ECB. The European Parliament carries out oversight hearings on monetary policy but does not have any authority with respect to the ECB.
Despite the source and the immediate impact being localized in Eurozone, the knock on effects of the crisis are felt all across the globe. Financial conditions have deteriorated, growth prospects dimmed and downside risks have escalated.