In this respect, the quantitative definition of price stability which the Governing Council already published in late 1998 has certainly helped to anchor medium-term inflation expectations to below 2% per year. With regard to the Eurosystem’s primary objective, the maintenance of price stability, the main challenge for monetary policy is to assess the risks to price stability in the future.
In this respect, the use of a broad set of indicators, as reflected in the two pillars of the monetary policy strategy of the Eurosystem, has successfully contributed to framing and giving an orientation to the discussions on monetary policy in the euro area.