It is currently emphasising the data-dependent approach to its decisions in the face of great uncertainty. However, the Governing Council will certainly provide information on its monetary policy reaction function, i.e. on the factors that will determine its future key interest rate decisions.
Specifically, it is currently pointing to three key elements: first, the assessment of the inflation outlook against the background of current economic and financial data, second, the dynamics of underlying inflation and, third, the strength of monetary policy transmission. I freely admit that this information on how expectations are formed will most likely only be understood by experts.