It would be over-ambitious and therefore risky to try to steer the economy in the short term. Fine-tuning would be more likely to lead to instability than stability. To maintain price stability, we have chosen a distinct monetary policy strategy, one that reflects the special circumstances that exist at present as well as those likely to prevail in the foreseeable future.
The Eurosystem’s stability-oriented monetary policy strategy ensures as much continuity as possible with the former strategies of the NCBs. At the same time, it gives due consideration to the unique situation which will prevail in the early years of monetary union. This strategy rests on two pillars. First, broad money is assigned a prominent role in the strategy.