Say, 2.25 or 2.3 per cent would be an appropriate proxy. But we would not say at this stage – and this is the position of the ECB’s Governing Council – that we have substantiated and documented a real significant structural increase in productivity, in total factor productivity, or in our growth potential.
The Treaty requires that the NCB statutes provide for a minimum term of office of five years for the NCB governors[5]. These governors, too, may only be relieved from office in the aforementioned cases[6]. The Treaties also provide a powerful judicial remedy against arbitrary dismissals allowing the ECB and the governors to refer a dismissal to the Court of Justice of the European Union.