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''A prolonged loss of trust in the ECB risks undermining the broad public support that is necessary for central bank independence.''

Yves Mersch
European Central Bank, “Asset price inflation and monetary policy”, January 2020

"This is of particular concern when the range of non-conventional measures brings monetary policy closer to the realm of fiscal policy and the institutional effects of these policies are becoming more pronounced. It is vital, then, that our policy assessment incorporates insights from behavioural economics and political economy, rather than relying solely on linear models of the aggregate economy."

Keynote speech by Yves Mersch, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at the celebration of INVESTAS’ 60th anniversary.