As you can probably imagine, I refuse to accept this label. The higher the expectations placed on central banks’ abilities, the greater the risk of overburdening them. This problem is particularly relevant in the euro area, where the ECB is considered by some to be the only workable institution.
However, I agree with my French colleague Christian Noyer who recently said: “It’s not good to be seen as ‘the only game in town’ (…). We cannot substitute governments just because their response is believed to be too slow.” 3.