Current Developments in Monetary and Financial Law, Vol. 5

Chapter 2 The Price Stability Mandate of the European System of Central Banks: A Legal Perspective

International Monetary Fund
Published Date:
November 2008
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    Niall J. Lenihan

    The ESCB is entrusted with one overriding objective: to maintain price stability. This goal is its single most important objective, the reason for which the System is created, briefly: its raison d’être. It is with a view to this that the central banks of the European Community are to be endowed with a large measure of independence: it is with the ultimate objective of maintaining price stability that the ESCB will be put on a separate footing from the political organs of the Community.

    René Smits1

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