All this clearly goes far beyond the issue of price stability, which is the limit of the Bank's legal responsibility.
Both are attempting to implement structural reforms, while cutting taxes, and both are certain this year to breach the stability pact's 3% limit on budget deficits for countries within Europe's single-currency area.
The stability and growth pact was designed to limit budget deficits, but nobody believed its sanctions would be enforced.
As early as 2001 it became the first country to breach the 3%-of-GDP borrowing limit set by the European stability and growth pact.
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This did not breach the stability pact, which sets a 3% limit, but did hint at the pressures that may be put on it in future.
Perhaps her plan is simply to ensure that she goes down in history as a conscientious accidental president, who succeeded in establishing political stability after the uprising, and who managed to limit the damage done to the economy under Mr Estrada, before gracefully handing over to a democratically elected successor.
It needs to make savings as early as next year if it is to carry out its promised tax cuts of euro3 billion without breaking the deficit limit decreed by the euro zone's stability and growth pact.
In theory, a discretionary central bank could limit the quantity of money and achieve long-run price stability by controlling the growth of nominal final demand.
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To limit contagion, the leaders gave enlarged powers to the European Financial Stability Facility (EFSF) to extend short-term loans, recapitalise banks and buy bonds of troubled sovereigns in the markets.
Powerful institutions such as the Bundesbank, the trusted guardian of economic stability, and the constitutional court, which has said Germany is close to the limit of how much power can be surrendered to the EU, do much to set the boundaries of the euro debate.
He believes that the central bank's new credit guidelines, which include a limit on property lending to one-fifth of outstanding loans, would bring stability in the long run.
The response of the Basel Committee, the Financial Stability Board, the European Commission and the G20 has been to devise ever more complicated and more detailed rules to limit the risks to banks and the wider economy of the byzantine complexity of the way banks manage themselves and the astonishing counter-intuitive complexity of products created by financial innovation.
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