It is only the combination of the strict orientation of monetary policy towards an unambiguous objective – price stability – and a pre-announced strategy – the two-pillar strategy of monetary growth and inflation prospects – that guarantees the transparency of the monetary policy decisions taken by the Eurosystem, and their public control.
In addition, the Eurosystem informs the public regularly about its assessment of risks to stability (through press releases, press conferences, etc. ), thereby contributing further to the transparency of its monetary policy decisions. The policies of the Eurosystem are often compared to those of other systems. But the Eurosystem need not shrink from comparison with other monetary policy strategies.