In theory, delegation of a task to an independent authority is more acceptable –  when the delegated task is clearly specified and has no overlap with other policy tasks;  –  when there are relatively few distributional implications;  –  and when a clear-cut measure of accountability can be achieved.
These conditions are largely satisfied when monetary policy is primarily geared at achieving price stability. Especially if we compare this with monetary policy disciplined by a dual mandate, which is – in Volcker’s words (2012) – “operationally confusing and ultimately illusionary”. Second, the ECB should continue to explain the rationale behind its unconventional monetary policy measures to the public.