Any other action would not have been conducive to confidence in the single currency. Moreover, the debate on the abolition of the € note has led to the Governing Council of the ECB coming out clearly in favour of cash.
Therefore, the appropriate way to measure a central bank’s actions is to do so in its own institutional and economic setting and against its own objectives. For the ECB, those actions have been, and will continue to be, geared towards maintaining price stability in the euro area. This is our mandate, and our track record speaks for itself. 3.