It is crucial that our monetary policy strategy be well understood. Publishing inflation forecasts could easily be interpreted as the ECB following a strategy of direct inflation targeting. This is not the case. Inflation forecasts have no exclusive role in our monetary policy discussions and decisions.
But what is certain is that the original principles that guided us in creating those markets – liquidity, transparency, regularity, and integrity – are as valid today as they were 50 years ago. BIS Review 69/2007  3