This leads me to believe that if countries make firm commitments, even of a long-term nature, this has an impact in the short term. BIS central bankers’ speeches  1  The ECB has been criticised for not doing more for the governments. Is the ECB waiting for government efforts to be made before acting?
This idea that there is bargaining between the governments and the ECB is a “quiproquo”. Our mandate is not to resolve the financial problems of countries, but to ensure price stability and to contribute to the stability of the financial system in full independence. What do you think of the growth pact held dear by François Hollande?