These communication efforts not only take the form of regular testimonies in the European and national Parliaments, periodic bulletins and speeches, but also take place in “real time”: ECB President Jean-Claude Trichet explains the monetary policy decisions and the underlying reasoning in press conferences which take place immediately after Governing Council meetings and which provide “question and answer sessions” for journalists.
Economic policy In order to address the major challenges, economic policy has been steered toward decisions which, if effectively implemented and enriched with bold structural reforms, will lay sound foundations for the serious and far-reaching effort required. So far, the decisions have mainly aimed to reduce the fiscal deficit and restore market confidence in the future of the economy.