The decisions of the past two months have clearly demonstrated the ability of the ECB to respond quickly to exceptional events without giving up its medium-term orientation. The ECB has taken due account of global developments and has assumed its share of responsibility for the stability of the international financial system.
In my view, the ECB Governing Council’s monetary policy decisions do not need to shy away from the critical attention of the public. However, we should not make the mistake of attempting to transfer the macroeconomic framework as it exists in the United States to Europe or vice versa.