Not doing so means that too much of the burden of macroeconomic stabilisation falls on the ECB, thereby challenging the achievement of its medium-term price stability objective. Thank you. 1 See, for example, ECB (2005), “Monetary policy and inflation differentials in a heterogeneous currency area”,  Monthly Bulletin, May. 2 See Cœuré, B.
(2016), “The ECB’s operational framework in post-crisis times”, speech at the Federal Reserve  Bank of Kansas City’s 40th Economic Policy Symposium, Jackson Hole, 27 August.