Coping with this becomes a problem not of policy optimization, but of risk management. In other words, we put aside the idea of engineering the perfect policy and focus instead on the more realistic goal of finding an appropriate policy setting, given the risks and uncertainties.
Its independence and that of the participating national central banks is firmly enshrined in the so-called Maastricht Treaty, the Treaty on European Union. This Treaty was concluded by the governments of all the EU Member States and ratified by all their national parliaments. In some cases referenda were held.