Expected inflation, therefore, became the main additional factor in “modern” augmented Phillips curves.4 Much has been added and debated over the last forty years, which I do not intend to discuss here.
As a counterpart to its independence, and to foster and maintain a broad constituency for stability and monetary prudence in Europe, the ECB was made accountable to the European people. This requirement is met in particular through the regular and frequent appearances - at least five per year of the ECB’s President and members of the Executive Board before the European Parliament.