The strategy is composed of two pillars, the one covering an economic analysis of inflationary pressures, including euro area macroeconomic projections, and the other a monetary analysis providing information on inflationary pressures as reflected in monetary and credit developments. One of the purposes of the strategy is to enhance the transparency of ECB policy. The two pillar structure has occasionally been criticised by researchers.
It has been considered ambiguous, and it is certainly so compared with the Taylor rule. The monetary analysis has also recently been less popular among researchers than it used to be.