In addition, the Board of Directors of the ECB can be seen as having a certain bias against wages in its policy analysis and its monetary policy decision. The bias operates through the ECB’s quest for price stability. The objective of price stability is of course a good thing and on one want to return to the hyper-inflation of the 1970s. However the question is not whether price stability should be pursued or not, the real question is how to pursue low and stable inflation rate. Here, one cannot escape the impression that, very often, the ECB confuse anti-inflation policies with a neoliberal policy agenda. In this agenda, liberalized, privatized and competitive product and labour markets are equated with guarantees for low inflation and any regulation or protection of these markets is seen as a threat to price stability. In this way, worker’s rights and strong trade unions are turned into inflationary forces threatening the credibility of the ECB.