It also allows account to be taken of the possibility of a regime shift at the start of Stage Three which could impact on the stability of important economic relationships. It would be impossible for the Eurosystem to conduct a successful monetary policy by mechanistically following a simple rule whereby policy decisions are closely linked to a single indicator.
The ECB has committed itself to be open, transparent and accountable. For this reason, the ECB provides the general public with detailed background information on its monetary policy and the Governing Council’s interest rate decisions. For example, immediately after the first Governing Council meeting each month, the introductory statement of the President is released.