In his opinion, the independence of a central bank is justified. In the past, central banks often had been used to ease the financial restraints of states. In most cases, the currency had been ruined, Siekmann warned.
However, if a central bank was trying to do implement economic policies, create employment or save ailing banking systems or single member states from going bankrupt, the answer to the question of independence should be no. "The more a central bank deviates from monetary policy in the narrow sense, the more likely this indicates an infringement of the principle of democracy," Siekmann said.