Anyway, and as a reassurance to the politicians worried about the business cycle, this type of monetary policy has an automatic and clearly anticyclical component. Looking at the Eurosystem’s monetary policy instruments and procedures, there are also strong parallels to the instruments of the Bundesbank.
All in all, it is apparent that both the institutional and organisational structure of the Eurosystem and the choice of the monetary policy strategy and instruments have contributed to achieving continuity in monetary policy.