This argumentation forms the basis for my oft-repeated statement at the ECB’s monthly press conferences to the effect that the Governing Council “never precommits”. 24 At the same time, avoiding any unconditional commitments does not mean that one cannot communicate as regards the policy outlook.
On the contrary, it means making a fundamental statement, namely that future decisions will be guided only by the assessment of risks to price stability, without having to announce the level or path of policy interest rates foreseen over the coming months. There appears to be a puzzle here.