It is time for the ECB to demonstrate that, despite all the evidence of recent years, it does not pursue an asymmetric, deflationist monetary agenda, but that it takes a violation of its price stability mandate in a downward direction equally seriously as a deviation in an upward direction. If the ECB persists in acting in a willfully asymmetric manner, its cherished independence will be taken from it. The letter of the Treaty will provide no protection against popular anger and political opportunism.
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