The president of the European Central Bank (ECB) has hit back at his German critics, saying that the bank's policies are working, it remained independent and that criticism of the bank could ultimately damage the euro zone's economy.
"One thing is clear: the ECB obeys the law, not the politicians. Or, as one of my predecessors put it, it is normal for politicians to comment on our actions. But it would be abnormal if we listened to them," ECB President Mario Draghi told German newspaper Bild in a translated interview published on Thursday.
He warned that any perception that the ECB's independence was "under attack can unsettle businesses and consumers" and said the criticism could be self-defeating as then investment and spending decisions could be postponed, forcing "the central bank to do more to achieve price stability."
Relations between the ECB and German policymakers have become increasingly strained over the central bank's increasingly dovish path. Criticism has been mainly leveled at Draghi, an Italian who became the head of the ECB just over four years ago, and has reached fever-pitch since the ECB brought out an even bigger "bazooka" of monetary policy measures to try to stimulate growth and inflation in the anemic euro zone.