BIS Review 84/1998  -2-  A very important step on the way to a single monetary policy is the agreement on the main elements of the monetary policy strategy which was reached in the ECB Governing Council two days ago.
These elements comprise: the quantitative definition of price stability as the primary objective of the single monetary policy: “Price stability shall be defined as a year-onyear increase in the Harmonised Index of Consumer Prices for the euro area of below 2 %.” And this price stability is to be maintained over the medium term.