2  Communicating the monetary policy stance  Nevertheless, in a world of uncertainty, with incomplete information about the state of and prospects for the economy, knowledge of our strategy is a necessary, albeit insufficient, condition for the general public – and in particular market participants – to understand the decisions taken and to form expectations about the future course of monetary policy.
We therefore aim to explain clearly and systematically the economic rationale underlying each monetary policy decision by providing detailed and comprehensive analyses of the current economic and monetary conditions and of the Governing Council’s assessment of the medium and longer-term risks to price stability on the basis of our strategy. Several forms and channels of communication are employed.