The emergence of a new benchmark macro model that eliminates the LM curve and clearly establishes the interest rate as the monetary policy instrument, as it had been usually the practice of Central Banks, helped the connection with the practical side of things.
This objective has never been compromised in the 14 years of the euro so far and it will not be compromised in the future. The ECB’s attachment to the primary objective of price stability remains unquestioned. The proposal of the European Commission provides for the establishment of a separate Supervisory Board within the ECB, which will include representatives from national authorities.