Similarly, the use of information from other, non-monetary indicators under the second pillar of the monetary policy strategy has enabled the Governing Council to cross-check appropriately and to complement the information content of monetary aggregates and to take into account relevant information from various other sources in assessing the outlook for price stability.
Given the uncertainty in which monetary policy operates - and this uncertainty is particularly relevant at the start of Stage Three - the two-pillar approach is, in our view, the most appropriate way in which to exploit the available information from both monetary and real indicators and thereby to provide a sound basis for monetary policy decisions.