BIS Review 79/2000  2  This helps to understand both why the euro area is not affected by spillover effects to the same extent as small open economies, and why the Eurosystem is in a position to pursue its primary objective - maintaining domestic price stability - in the most effective way.
This does not mean, however, that the ECB neglects external economic developments when establishing the euro area monetary policy. On the contrary, the ECB takes these developments into due account as they may have an impact on domestic economic developments, and thus on price stability.