In other words – although we will try to avoid such a situation – we shall not refrain from surprising the markets by taking an unexpected measure if we firmly believe that this is necessary. It has to be kept in mind that monetary policy is different from mechanics: it always involves judgement.
If that were not the case, a good personal computer would be a better central banker than an ordinary human being. An important starting-point for our communication policy is that the Governing Council of the ECB is a collegiate body where decisions are taken from a euro area-wide perspective. What we wish to communicate are the decisions of that body, not those of individuals.