The non-traditional structure of the ECB also causes difficulties. The results of its strategy review, which may propose interest rate adjustments, could make carrying out any needed changes complicated. These difficulties are not faced by more traditional central banks.

Under Governor Zdeněk Tůma, the Czech National Bank faced an issue about changing our inflation rate target. To resolve this, the governor took seven board members and the head of the monetary policy department to a mountain cottage in the forests of north Bohemia. We had a nice dinner, quite a few drinks and the next day debated changing the target for 12 hours, before the majority found in favour of a decrease.

We then headed to a nearby winery and enjoyed ourselves in the cellar. This was not just to celebrate a job well done, but to repair any falling out with the outvoted minority. This style of management and problem solving is not possible at the ECB. Discussions there take place between over 20 board members and policy-makers and are held virtually. If they even manage to reach agreement over a symmetrical inflation target, acting when inflation is too low or too high, it would be an incredible success.

Potential fights between monetary and fiscal policy-makers are the most likely threat to the ECB’s independence. But as long as monetary policy-makers keep arguments for specific fiscal action or the shaming of colleagues for ignoring the redistributionary effects of QE out of the public eye, they should be fine. There may be a trade-off between independence and transparency.

The ECB faces challenges, but the threat of outlandish high-profile political squabbling is not one of them. To solve the others, perhaps it can book a weekend away in Bohemia’s wine region.