We are then drawing the policy conclusions that follow, at the time when they are relevant. 6  BIS central bankers’ speeches  In the dark days of the crisis, many commentators on this side of the Atlantic looked at the euro area and were convinced it would fail. There were wrong in their medium term macro view.
Besides enshrining the ECB (European Central Bank)’s mandate and independence, it also lays down the prohibition on monetary financing of government. This underscores the separation between monetary policy and fiscal policy.