Hence, where there is still no consensus on the EMI Council, the decision remains pending for the time being. That applies, for instance, to the strategy. The Framework Report provides for an alternative between a two-tier strategy, with a monetary aggregate as the intermediate target, and the single-tier strategy of a direct inflation target. The Bundesbank strongly advocates the monetary targeting approach.
Needless to say, we also recognise that managing a monetary aggregate is becoming more difficult under the conditions presented by current financial markets. But the European Central Bank could demonstrate its responsibility more clearly and more transparently by means of the monetary targeting strategy. And the virtual adoption of the strategy of the erstwhile anchor currency Deutsche Mark would be a token of continuity.