But independence also means responsibility for the central bank: an unconditional responsibility to fulfil its mandate while interpreting the limits of that mandate narrowly and respecting them consistently. We have felt this responsibility very intensely during the storms of recent years, as we have faced the significant challenges posed by the global financial and economic crisis.
With regard to future actions, the ECB is continuously monitoring developments – also from a macroprudential perspective – and assessing the need for additional steps, including the further release of buffers or measures to support their usability. We also continue to closely monitor non-bank financial institutions.