The ECB’s monetary policy strategy is coming under increasing public fire, and rightly so. The fundamental data, such as GDP growth and inflation, no longer justify the negative deposit rates and the current purchase programme for government and corporate bonds. The ECB is nevertheless sticking to its guns and with the policy is increasingly getting into a position where it will be dependent on the politicians. The national central banks are already or will soon be the largest creditors to the EMU member states. It is thus becoming ever harder to impose an independent interest-rate policy as the ECB is leaving itself open to blackmail. In this way, over time, the ECB’s credibility is being dented and it is becoming far harder to pursue an efficient monetary policy. In recent years, with its monetary policy the ECB contributed to the Eurozone’s stable development, but now it’s time to change tack.