First, this mandate is based on the fact that short-term, volatile factors cannot be controlled by monetary policy and that monetary policy acts within long and variable lags. Second, the mandate underlines that price stability is assessed euro area wide, the Governing Council not reacting to national or regional developments. The ongoing accession process will have no impact on this underlying philosophy.
[37] See https://assets.gov.ie/6256/060219173306-502d0dda6b644e7db5d019dd44ac49b6.pdf [38] The Central Bank’s second Motor Insurance Report of the National Claims Information Database was published on 3 November 2020. It also confirms that the first Employer Liability (EL) and Public Liability (PL) NCID report will be published in the first half of 2021 – see: https://www.centralbank.ie/news/article/pressrelease-second-motor-insurance-report-of-the-national-claims-information-database-issued-03-november-2020  https://www.centralbank.ie/news/article/speech-braving-the-storm-ed-sibley-4-nov-20  7/7