The tendency of many of those participants to minimise the distinction – which is standard in the Anglo-Saxon debate – between “goal dependence” and “instrument independence” is probably dictated by the idea that the scope of delegation to an unelected agency should be as limited as possible.
Was the ECB well advised to take seriously the “goal dependence” principle that presides over the high-level agreements between parliaments and central banks, which assign many central banks in the world with the task of delivering a certain definition of price stability within a meaningful medium-term time frame?