In this respect, we may see those central banks as moving closer to the approach adopted by the ECB. Our monetary policy framework acknowledges the need to flexibly take into account the nature of shocks hitting the economy and the prevailing economic circumstances.
Monetary policy needs to focus on the period covering the whole transmission process, bearing in mind that this may sometimes span a protracted period of time. This flexibility, together with the special emphasis on a medium to long-term perspective for economic developments, imparts a fundamental robustness to the ECB’s policy.