The Governing Council will continue to monitor developments carefully and evaluate them in the light of its mandate. 3. Policy orientation  The uncertainties surrounding the euro area economy in 2002 emphasised the importance of having a medium-term and stability-oriented framework in all policy areas.
Within the stability-oriented framework of monetary policy, the ECB is committed to its primary objective of maintaining price stability over the medium term. In the area of fiscal policies, the Stability and Growth Pact aims at securing sound public finances and anchoring the expectations of economic agents to this objective.