Our commitment to transparency has been effective in making the ECB highly predictable in its decisions and actions. As a matter of fact the combination of the display of our monetary policy concept and of our definition of price stability together with a candid real time explanation of our successive diagnostic makes us at the highest level of predictability according to research.
The comparison of two central banks Let me finally explain how I see our European monetary policy concept in comparison with the US Federal Reserve monetary policy concept. I will not dwell on what is from time to time presented as the major difference, namely the legal objective assigned to the central bank.