In this sense, the ECB has drawn much from the strategies of its constituent national central banks, as well as from the experience of other central banks outside the euro area. At the same time, there are also new, distinctive features. The two-pillar presentation differs in some respects from the strategies pursued by other central banks.
Not surprisingly, this element has triggered discussion and also an occasional misunderstanding of the ECB’s policy framework. For example, the two pillars have occasionally been misunderstood as implying distinct, possibly conflicting “targets” for our monetary policy. From my description, however, it should be clear that price stability is the only “target”, or more precisely, the primary objective of our policy.