It is a pleasure to be back in this plenary chamber for the debate on your draft resolution on the ECB’s Annual Report. Today’s debate is a key pillar of our accountability to you, the elected representatives of the European Union.

Your resolution underscores that the ECB’s independence is essential for us to deliver on our mandate of price stability. At a time when central bank independence is being challenged in parts of the world, your clear support sends an important signal.

But, as you also emphasise, independence does not mean isolation. The ECB does not stand apart from democratic scrutiny. Our independence goes hand in hand with our accountability to this Parliament. Regular hearings, written exchanges and our Annual Report all reflect this commitment. Our dialogue today continues this process of explanation and scrutiny.

In my remarks, I will…