Therefore, they should be first in line when it comes to reducing the very expansionary stance. It remains to be seen how many rate hikes there will be by the end of the year. In any case, the exit from the very accommodative monetary policy should be swift and smooth.
In particular, one of the strengths of this strategy is that it allows for all relevant indicators to be taken into account over time. By assigning overriding priority to the maintenance of price stability, the Eurosystem seeks to avoid adding to uncertainty. In a global market, this orientation provides the world with an invaluable public good.