Otherwise political pressures to adopt one or the other stance in questions of financial stability might also threaten central bank independence. Conclusions At the time the Treaties were drafted, financial stability and the potential differences between financial and business cycles were not a primary consideration. The Treaty provisions do not point towards a clear, unambiguous role for the ECB.
Certain economic approaches may now suggest different ways of coping with financial stability challenges that, on some occasions, would involve a wider role for central banks. But the ECB, as an institution bound by the rule of law, has to operate within the limits set by the Treaties.