Rather, assessing the outcome of the monetary policy of the ECB over the medium term ensures a meaningful and genuine accountability. Having a well-defined goal is vital. In addition, the ECB, like any other central bank, also requires an analytical framework which facilitates the achievement of this goal.
The ECB's strategy recognises that, in an environment of change and uncertainty, no single model or view of the world is likely to be fully adequate to capture the ongoing economic processes and the implications for price stability.