A key part of the ECB’s aim to retain and build trust is to respect this political legitimization by focusing and delivering on its mandate. Of course, price stability is not important just because it is written in the Treaty. It is also beneficial for economic growth and social cohesion, and indeed available surveys indicate that citizens attach a high value to price stability.
2  See Kohn (2013). 3  See, among others, Posen (2010). BIS central bankers’ speeches  3  During its 15 years of existence, the ECB has consistently delivered on its mandate to maintain price stability, with average HICP inflation standing at 2.0% between 1999 and now.