It has sole competence to decide which means and instruments are most appropriate to help it achieve its aims – such as outright purchases, the establishment of the collateral framework, and the designation of its counterparties. As part of this functional independence, NCBs must have the necessary means and instruments to achieve the ESCB’s objectives independently of any other authority.
The third pillar of independence, personal independence, safeguards the capacity of the members of the ECB’s decision-making bodies to take decisions without external influence.