Today, I will present the institutional set-up that underpins central bank independence in Europe, as well as accountability and transparency, since these things go hand in hand. Central bank independence in the European System of Central Banks I will start with the principles of independence and accountability that apply in the central banking context – which we have to differentiate from the supervisory one.
The favorable policy choice as the economy adjusts to an acceleration in productivity  Policymakers face a choice when confronted with an acceleration in productivity - a choice among very favorable outcomes.