Among the most important central banks, only the ECB holds monthly press conferences immediately after it has taken monetary policy decisions. However, a “track record” says more than words can. Credibility is gained by actions, not words. For the Eurosystem, this means adhering to the primary objective of maintaining price stability “in a time-consistent” manner.
The decisions of the past two months have clearly demonstrated the ability of the ECB to respond quickly to exceptional events without giving up its medium-term orientation. The ECB has taken due account of global developments and has assumed its share of responsibility for the stability of the international financial system.