Additionally, the central banks must have sufficient funds to adequately fulfill their statutory tasks in the ESCB. ECB and Eurosystem independence was sometimes criticized, especially at the beginning of EMU. The ECB was decried as too powerful, as undemocratic, as devoid of adequate transparency and accountability. I, for one, do not share this opinion.
The independence of the ECB, the Eurosystem and of its decision makers certainly does not mean that these bodies and people are not answerable to society or the general public. In fact, this independence calls on these bodies to explain monetary policy decisions, strategy and motives to the general public, that is, it calls for transparent communications.