I. True/False/Uncertain - Briefly explain. No credit without an explanation (5 marks each).

1. The European Central Bank (ECB) can achieve both stable inflation and financial stability.
2. ECB should be less independent and more accountable to achieve its mission.
3. Countries can run primary fiscal deficits while maintaining constant debt-to-GDP ratios.
4. Integrated financial markets function as insurance against symmetric, systemic shocks.