The architects of the European Monetary Union worked hard to ensure Eurosystem decision-makers were free to set policy as best they saw fit – in line with their mandate, uninterfered with by government or other officials.

“Neither the ECB nor the national central banks, nor any member of their decision-making bodies, are allowed to seek or take instructions from EU institutions or bodies, from any government of an EU member state or from any other body,” the European Central Bank declares on