In particular, with priority given to fixed rates, monetary policy has to be completely subordinate to the exchange-rate target. Moreover, there is not much room for budgetary policy. It has to be conducted in a stability-oriented manner in order to keep up domestic and external confidence. Thus, a stable exchange rate is only sustainable if the corresponding fundamentals are adequately streamlined.
Neither the ECB nor the national central banks, nor any member of their decisionmaking bodies are allowed to seek or take instructions from Community institutions or from any government [Art. 108 of the Treaty, first sentence].