Principled Pragmatism: Fourteen Years on the European Central Bank’s Governing Council

Klaas Knot continues to believe that Europe’s sui generis integration creates unique challenges for economic policy and for monetary policy, creates a distinct responsibility for central bankers, and demands that the ECB’s policy be bound by laws, conditionality, and be anchored to the price stability mandate. But Europe's integration also calls for pragmatism in updating this policy framework in order to protect its original principles.

Source: Peterson Institute (PIIE)