Nor do they specify a reaction function for monetary policy or a hierarchy of instruments needed to ensure price stability. Nor do they tell us how to communicate with the public. Choices like these constitute the monetary policy strategy.
Given the profound changes in our economies over time, every now and then, the Governing Council needs to consider the merits of the strategy it is pursuing. In this context, the guiding question is how we can fulﬁl our mandate in the best possible manner. [2] The last time the Governing Council evaluated its strategy was in 2003.