Be that as it may, the monetary policy model as described above is a consistent model in which fairly stable relationships exist between the various components of the model. Whatever element may be chosen as an anchor for monetary policy, the other components of the model cannot and should not be ignored. 1  BIS Review 31/1999  2.
Policy decisions will continue to be firmly guided by the outlook for price stability for the euro area as a whole and not for any individual country. The ECB remains committed to its price stability mandate, but other actors need to do their part to boost the resilience of the euro area and individual economies.