“If the rumours are confirmed, this opens up the opportunity for a long overdue fresh start at the top of the ECB. In recent years, the central bank has drifted ever further away from its actual core mandate: safeguarding the stability of the currency’s value. Instead of consistently ensuring price stability, the previous leadership pushed an expansionary monetary policy, massive bond purchase programmes, and ideologically driven projects such as the so-called digital euro. The latter was elevated to a prestige project, while inflation ate away citizens’ savings.
The ECB must not be a political testing ground! It is not a climate bank, an industrial bank, or a transformation bank! Its sole mandate is clearly defined: stable prices and a stable currency. The previous leadership is emblematic of a detached Brussels elite that has become increasingly removed from the real concerns of the people. A change in personnel must therefore be accompanied by a clear change of course. Europe needs an ECB that strictly adheres to its mandate and once again puts the stability of money at the centre.”
