We do not act in a vacuum, and we should not confuse independence with isolation.” 14 Surrounded by a stronger institutional ecosystem: the reform of the EU economic governance framework Let me say more about this, specifically in the context of the current debate around EU economic governance reforms, which is a key ‘institutional ecosystem’ in which the European System of Central Banks (ESCB) operates.15 The objective of the EU’s economic governance framework is to monitor, prevent, and, if necessary, correct national economic developments that could negatively impact a Member State and potentially spill over to other EU countries.
As many of you will be aware, reforming this framework has been the subject of much debate in recent years.