Yes, unfortunately that is true and inherit in the EMU structure. The ECB holds incredible power and is - as far as I know - completely independent of all other EU institutions except the Court (that fired national CB bosses can appeal their firing to). If there is a lever I would like to know about it, but as it looks now the ECB could just as well have been constructed outside the EU system.

As we have seen from the Merkel-Sarkozy meetings, even the Council is not all that important, it is just the member states (with budget powers and the guns to back up an exit) and the ECB. This makes it a seperate structure from the EU legislative process (which can be important, ACTA for example sure appears to have caught the interest of many).

I struggle to find anything to compare it to, but perhaps there are times in the process of parliaments gaining power over the kings in catholic Europe where the church held a similar untouchable position of power outside legislative, executive and judicial power.

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