The separation of the tasks of determining the monetary policy stance on the one hand and the preservation of the proper functioning of the money markets on the other hand Let me now address the issue of the separation between the determination of the monetary policy stance on the one hand and its actual implementation on the other hand, meant as keeping short-term rates close to the level chosen by the Governing Council.
In accordance with the Treaty provisions, the primary objective of the ECB is to maintain price stability in the euro area. To that end, the Governing Council determines, on the basis of its economic and monetary analyses, the appropriate monetary policy stance by setting the key ECB interest rates at the level that ensures the maintenance of price stability over the medium term.