The Stability and Growth Pact, together with the "no-bail-out clause" and other Treaty provisions, contributes to maintaining fiscal policy discipline. In fact, fiscal discipline makes it easier for the central bank to maintain price stability and thus indirectly contributes to keeping inflation expectations low.
To summarise, the institutional design of Economic and Monetary Union directly addresses the main problems that a new central bank may face in establishing its credibility: overriding priority is given to maintaining price stability, central bank independence is assured and various provisions go a long way towards ensuring sound public finances.