Governments’ financing conditions depend much more heavily on the actions of central banks than in the past. This creates a proximity between governments and central banks that may threaten the central banks’ independence. In the autumn, the ECB Governing Council will make decisions about the future monetary policy stance.
It goes without saying that you will keep a close eye on these decisions and their effects. 2/7  BIS central bankers' speeches  3. Reforms of the Economic and Monetary Union The ECB Governing Council has responded to the crises of the past few years by adopting nonstandard measures.