Professor Philip Lane:

Again the Senator will have to ask the people involved. It was true, and is still true, that the Central Bank operates within a wider system. This is why it is independent. One gives it the independence and one delegates saying: "You are free to do that; it is under your authority." It did have that independence. I would say it is reasonable for the political system to delegate decisions to the regulator. In the end, it is with the regulator.