The extraordinary measures taken by the ECB to combat the financial crisis have led many observers to question whether the bank has put its independence at risk. The bank’s vow to do “whatever it takes” to save the euro has added a second (and potentially contradictory) goal alongside its...

Ultra-low interest rates have become an endemic and potentially problematic characteristic of the global economy. Central banks in the euro area, the United States, Japan and Australia have bet on lowering interest rates to increase inflation, but despite their efforts, core inflation remains...