Pliable ECB (amv)

... says Stefan Ruhkamp in his excellent F.A.Z. comment on the ECB's choice to violate European rules of the game. Is rule-based monetary policy in Europe just a fair-weather policy? We follow rules only if it is easy to do so? We want stability but only as a free lunch? Commitment, however, anchors expectations if and only if rules are followed in stormy weather, too. This is what makes 'rules over discretion' so hard to realize over longer terms. The ECB is careless in surrendering its independence after a good performance since its foundation.