Because the central banks, including the ECB and euro area central banks, do not live in a vacuum, but are reflections of the society at large – independent reflections and actors, I should add.
In this context, let me refer to Joseph Schumpeter, one of the greatest economists of all time, who wrote: “The condition of the monetary system of a nation is a symptom of all its conditions. "1 SLIDE 2. Schumpeter’s Triangle What Schumpeter said about a nation, goes today as well for Europe as a whole, for our Economic and Monetary Union.