In this “two-pillar strategy”, with the money stock forming one pillar and a multitude of inflation indicators forming the other, the exchange rate is one of the factors being watched very closely by the ECB; it is an important aid in assessing the outlook for prices. In this respect, there is no neglect.
By the way: under the critical eyes of today’s international financial markets, no central bank in the world can afford to neglect exchange rate movements. It is, however, an entirely different matter to go beyond today’s problem-oriented cooperation in international bodies, as is being sought in proposals to establish a more formalised exchange rate regime based, for instance, on target zones.