Eurosystem monetary policy, thus, does not react mechanically to a forecast at a fixed horizon but rather tailors the policy response depending on the nature of the shock hitting the economy. This is documented by its medium-term orientation and reflects why the medium-term has not been defined quantitatively.
As the single monetary policy faces uncertainty about the functioning of the economy, the robustness of information stemming from various sources is checked. Furthermore, policy decisions are based on a judgment on the likelihood of certain scenarios occurring. The distinct character of the two-pillar strategy is also stressed by the announcement of a reference value for monetary growthsignalling the prominent role assigned to money.