Council Regulation 2533/98 has been amended to permit the ECB to (re)use confidential statistical information to perform its supervisory tasks. The information can also be shared with Union institutions, including supervisory and resolution authorities, the European Systemic Risk Board and the European Stability Mechanism for the purposes of prudential supervision and ensuring financial stability. This is a major achievement.
What I would like to talk about today, therefore, is not so much what the ECB has done, or how it works, but why the ECB has been so determined to raise inflation. That requires that we first take a closer look at the ECB’s objective.