This, however,  2  BIS central bankers’ speeches  could threaten price stability in the longer run. Thus, the higher public debt becomes, the greater the pressure that might be applied to monetary policy to respond accordingly. This once prompted Mervyn King, the former Governor of the Bank of England, to quip that: “Central banks are often accused of being obsessed with inflation.
This is untrue. If they are obsessed with anything, it is with fiscal policy.” This “obsession” holds even truer for a stability-oriented central bank within a monetary union.