The third feature of the current recovery phase is therefore the divergence between developments in economic activity and prices. Underlying this divergence is the fact that firms are now able to produce a greater number of products more efficiently and at a lower labor cost. Higher productivity has been achieved in a number of ways.
The independence of the ECB and the need for transparency and accountability go hand in hand. Given the European nature of its mandate to maintain price stability and its independent status, the ECB is accountable to the European public and its elected representatives.