The monetary policy strategy of the Eurosystem clearly rules out any implicit or explicit targets or target zones against third currencies, such as the US dollar and the Japanese yen, without the consent of the Eurosystem itself. The pursuit of an exchange rate target could easily compromise the achievement of price stability and thereby also have a negative impact on real economic developments.
The fact that we do not have an exchange rate target does not imply that we are indifferent to exchange rate developments or that we will neglect them. On the contrary, the effective exchange rate of the euro is monitored as a potentially important indicator for monetary policy.