The important – but partial – perspective that it provides does not embody, or (worse) pre-empt, the exercise of judgement which solely resides in the Council. In the discussions leading to its policy decisions the Council reconciles the analyses conducted under the two complementary pillars underlying our monetary policy strategy.
We have not changed our strategy or any part of it in any respect just by deciding to disclose the inputs to the process that has informed and prepared policy choices since the beginning of Monetary Union. Price stability in a modern society Credibility for the maintenance of low inflation, the cornerstone of an effective monetary policy, is inherently exposed to various challenges.