So what we can do is to provide an explicit, well-articulated frame of reference for our actions. This is provided by the Governing Council’s quantitative definition of price stability, together with our stability-oriented monetary policy strategy – in short: we communicate what we are trying to achieve, and how we go about achieving it.
In practical terms, this means that communication revolves around providing a narrative about the economy and the outlook for price stability relative to our objective. The ECB has established various channels through which this communication effectively reaches the whole of the euro area.