A specific model: The European Central BankCreated by the Maastricht Treaty on European Union of 1992, the European Central Bank has been set up 1st of June 1998.a. In your opinion does the following excerpt from the Statute make the ECB goals clear enough? Article 2 Objectives:In accordance with Article 105(1) of this Treaty, the primary objective of the ESCB shall be to maintain price stability. Without prejudice to the objective of price stability, it shall support the general economic policies in the Community with a view to contributing to the achievement of the objectives of the Community as laid down in Article 2 of this Treaty (that is, “human dignity, freedom, democracy . . .”). The ESCB shall act in accordance with the principle of an open market economy with free competition, favoring an efficient allocation of resources, and in compliance with the principles set out in Article 4 of this Treaty. b. Based on the following excerpts, where would you place the ECB in Graph 21.3? Explain your opinion. Article 7 Independence: When exercising the powers and carrying out the tasks and duties conferred upon them by this Treaty and this Statute, neither the ECB, nor a national central bank, nor any member of their decision-making bodies shall seek or take instructions from Community institutions or bodies, from any government of a Member State, or from any other body. Article 11.2: The executive board, the President, the Vice-President, and the other members of the Executive Board shall be appointed from among persons of recognized standing and professional experience in monetary or banking matters by common accord of the governments of the Member States at the level of the Heads of State or Government, on a recommendation from the (European) Council after it has consulted the European Parliament and the governing council. Their term of office shall be eight years and shall not be renewable.
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