These observers therefore formed an incomplete view of the strategy as a whole. Since their view and understanding of the strategy is incomplete, these observers inevitably find it harder than otherwise to understand the decisions taken within the context of the ECB’s strategy.
Since the creation of the ECB there have been fruitful exchanges of views and discussions with many observers and watchers from different professions. To my mind, both sides have learnt a lot from these discussions and we are already beginning to see some clear improvements in the public’s understanding of our strategy and decisions.