Nevertheless, since the latter half of the 1990s, the correlation between the output gap and the actual inflation rate has been stable. At present, it seems that there is no major change in medium- to long-term inflation expectations.
In turn, accountability requires transparency with respect both to objectives and decision-making. To this end, monetary policy decisions taken by the ECB are explained “in real time” at a press conference immediately after each rate-setting Governing Council meeting. The success of the ECB’s monetary strategy is borne out by its record.