Has the European Central Bank become too powerful?

“Nothing is possibleecbecb eueu without people. Nothing is lasting without institutions,” noted Jean Monnet, one of the European Union’s founding fathers. The growth of the European Central Bank () from humble beginnings, as the guardian of a nascent currency, to one of the great powers in European politics might have surprised even the master technocrat himself. Having recently turned 25, the institution is so mighty that it now faces a tough question. Does it know when to stop?The is unique in that it has no political overlord or fiscal counterpart. Its independence is enshrined by treaty, the closest the has to a constitution. Its mandate puts price stability front and centre. In a second part policymakers are instructed “to support the general economic policies of the ”, which include growth and employment, in a manner similar to the dual mandate of the Federal Reserve, but may also be stretched to take in climate policies or “de-risking” relations with China.