Policymakers are thus called upon to do their bit at European level and in the member states. And monetary policy is called upon – not to alleviate the failures of policymakers in resolving problems, but to continually reiterate that ensuring price stability is the primary and most important contribution of monetary policy to the stability of the monetary union.
It must continually reiterate that this contribution can only be made by central banks that are institutionally and de facto independent and have a clearly defined mandate.