The Low Interest Rate Policy of the European Central Bank. Are European Savers being expropriated?

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Chapter 3.2 Principles and Objectives:
The principle of independence is the main concept regarding the fulfillment of the tasks of the ECB. This principle is very important compared to other major central banks, especially in regard to the guarantee of fiscal stability of the EU and the integration of candidate countries. The principle of independence can be distinguished into five types of independence (Scheller 2004, pp. 121 ff.).
Article 108 of the treaty establishing the European Community declares the institutional independence of the ECB. This article stipulates explicitly that, "when exercising their powers and carrying out their tasks and duties, neither the ECB nor an NCB nor any member of their decision-making bodies shall seek or take instructions from Community institutions or bodies, from any government of a Member State or from any other body. The Community institutions and bodies and the governments of the Member States undertake to respect this principle and not to seek to influence the members of the decision-making bodies of the ECB or of the national central banks in the performance of their tasks." (EC Treaty (Maastricht consolidated version), Article 107). Although the article makes it illegal to accept instructions from any body, be it public or private, this article does not preclude an exchange or seeking of information or dialogue with bodies mentioned in the article (Scheller 2004, p. 123). Article 123 of the Lisbon Treaty can also be subsumed under the principle of institutional independence. This article states that the ECB cannot grant loans to public budget, respectively states and therefore the ECB cannot finance deficits in the budget of the community or a Member State (The Lisbon Treaty, Article 123).
The principle of legal independence is concluded by the legal personality of the ECB. Its legal independence allows the ECB to take action before the European Court of Justice (ECJ) to protect their rights when they are

Heiko Schmolke holds a bachelor's degree in business administration and engineering from the Technical University of Berlin and an MBA from the FOM University of Applied Sciences for Economics and Management in Germany. He works as a management consultant in Germany for several years and has extensive expertise in the field of finance and trading. He has solid professional experience as an analyst and has published various articles and books on topics of finance and politics, e.g. the impact of U.S. Fed bond purchases on inflation since 2008 or the impact of US labor market reports and FOMC meetings on the foreign exchange market.