The monetary policy strategy in particular addresses the considerable challenges and uncertainties faced by the ECB and the Eurosystem in the new and unique environment created by Monetary Union. Our experience with the strategy has generally been good and I am confident that the robust approach to policy decisions embodied in the strategy has helped to avoid policy mistakes thus far.
This is not an insignificant achievement. Of course, we and others are still learning how to operate in the new environment. This learning process is particularly important in the area of communication. The ECB has always striven to be open and honest in its presentation of policy decisions and their rationale to the public.