60 Ideas for Europe

ECB excesive independence

The EMI is frontally opposed to the norm according to which neither the European Central Bank, nor a national central bank, nor any member of their decision-making bodies shall seek or take instructions from Union institutions, bodies, offices or agencies, from any government of a Member State or from any other body. The Union institutions, bodies, offices or agencies and the governments of the Member States undertake to respect this principle and not to seek to influence the members of the decision-making bodies of the European Central Bank or of the national central banks in the performance of their tasks. This means the complete hegemony of an institution which only uses monetarist considerations and does not consider the overall economic policy of the EU.

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