The ECB is a lot more politically constrained than other central banks. It doesn't have a single master but is beholden to various degrees to the member states

The ECB is a lot more politically constrained than other central banks. It doesn't have a single master but is beholden to various degrees to the member states of the EU and especially Germany which is utterly paranoid about currency devaluation. Don't forget the ECB raised rates during the onset of the financial crisis circa 2007-8 when everyone else was cutting desperately because of their inflation targetting mandate.