One part of this is unhappiness with spillovers from United States monetary policy, sometimes when the stance is loose, as in the ‘currency wars’ era after the global financial crisis, and sometimes when financial conditions tighten, as they did in the 2013 taper tantrum and as they have been doing during the current period.
3 Duisenberg, W. (1998), "Ceremony on the occasion of the establishment of the  European System of Central Banks", speech, 30 June. 4 See "Arrangements in the form of an Exchange of Letters between the European  Central Bank and the European Parliament on structuring the practices for interaction in the area of central banking", 5 June 2023.