The ECB’s full control over the monetary base is ensured by its monopoly on banknote issuing and the requirement that issuance of coins by the Member States is subject to the ECB’s approval. •  Personal independence provides the members of the Governing Council with the necessary security of tenure and helps avoid any conflicts of interest.
Current economic situation and outlook Since my appearance before this Committee in February, the economy has made further progress toward the Federal Reserve’s objective of maximum employment, while inflation has continued to run below the level that the Federal Open Market Committee (FOMC) judges to be most consistent over the longer run with the Federal Reserve’s statutory mandate to promote maximum employment and price stability.