In future, Europe must safeguard and preserve it. Therefore, it is also important to see to it that, in the course of the establishment of monetary union and its institutions, there is no attempt at a sort of re-nationalisation. That goes for the appointment of the executive staff of the future European Central Bank as well as for how their tasks are construed.
These costs are sizeable and increasing with positive rates of inflation. Why should central banks tolerate small positive rates of inflation? This insight brings me to my first question to experts.