In that sense, the spotlight accorded to specific levels of inflation has been a quid pro quo for entrusting an important slice of economic policy to a technocratic institution. In contrast to this, macroprudential considerations are much more nebulous – containing more elements of art rather than science – and will inevitably test the limits of democratic deference to the conduct of monetary policy.
Let me close by emphasising again that the introduction of the euro has indeed been a milestone in the ongoing process of European integration. The ECB, as the guardian of the single currency, shall continue to pursue its stability-oriented monetary policy in order to fulfil its mandate and to deliver the policy results that European citizens rightly expect. BIS Review 56/2000  4