Inflation‐targeting central banks, it is argued, focused too narrowly on inflation stabilisation and payed too little attention to financial developments, such as the rapid increase in house prices or the rise in financial institutions’ leverage ratios prior to the financial crisis.6 Second, inflation targeting is attacked for its apparent inability to speed up the recovery in economic activity and inflation.
It cannot replace the existing laws and treaties, particularly those applicable to the Bank. The Bank is in fact governed first by the provisions of the Maastricht Treaty, and then by its Organic Law and its own  BIS Review 54/2006  1  Statutes, and finally – on a purely additional basis – by the companies code.