In this regard, allow me to stress that the ECB was the first major central bank to introduce on a monthly basis a press conference displaying in detail the diagnosis and the monetary policy decisions of the Governing Council to the public only a few hours after the end of the relevant meeting.
All of these factors have contributed to the high degree of credibility enjoyed by the ECB’s monetary policy and thus to price stability and the successful anchoring of inflation expectations. But credibility is never gained once and for all. It has to be permanently preserved and enhanced. That is why the ECB pays the utmost attention to monitoring inflation expectations.