And it looks set to persist well above 2% next year, too – the latest ECB (European Central Bank) staff macroeconomic projection expects the rate to come to 5.5%. Alongside its narrow mandate focused on price stability, the Eurosystem’s accountability is an important counterpart to its independence.
In a democracy, you see, the general public must be able to understand whether the central bank is fulfilling its mandate – whether it is doing its job properly. The monetary policy strategy is also supportive in this regard as a benchmark for successful monetary policy. 4 The Maastricht regulatory framework  The Maastricht Treaty created the institutional framework for the euro.