The evaluation encompassed a thorough assessment of comments from academics, analysts and journalists. In plain analogy with the majority of the comments received, the evaluation process focused on three aspects, namely a) the definition of price stability, b) the role of money and c) the two-pillar architecture. 1. The definition of price stability  The Treaty (Art.
On the one hand, the ECB, like other central banks, takes decisions on the monetary policy stance and the level of official interest rates. These have a clear medium-term orientation, they are geared towards preserving price stability and are based on our assessment of the risks to price stability.