The ECB's Governing Council takes its monetary policy decisions within the framework of a welldesigned monetary policy strategy. Less than one month ago, we confirmed our definition of price stability as a "year-on-year increase in the Harmonised Index of Consumer Prices (HICP) for the euro area of below 2%". We also confirmed our medium-term orientation.
For reasons of fairness, the Board believes that the limited number of firms that currently own an ILC and are not otherwise subject to the BHC Act should be permitted to retain their nonbanking or commercial affiliations, subject to appropriate restrictions to protect the federal safety net and prevent abuses.