The credibility of the ECB’s anti-inflation commitment is the best guarantee for keeping interest rates low over the medium term, which in turn contributes to growth and employment. Fourth, the central bank should have a high degree of independence to achieve its primary objective. This is the only way to protect the central bank from the phenomenon of “cognitive dissonance”, which I mentioned previously.
In particular, central bankers should have  6  BIS Review 40/2008  adequate security of tenure, so that the horizon for setting their policies is sufficiently long as not to be influenced by short-term opportunistic behaviour by the private and public sector alike. For example, the mandate of the ECB’s President and Executive Board is for 8 years, non renewable.