Chapter 2 The Price Stability Mandate of the European System of Central Banks: A Legal Perspective
- International Monetary Fund
- Published Date:
- November 2008
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.