First, it structures the monetary policy making process so that the ECB Governing Council, the decision-making body on monetary policy, is presented with all the information and analysis it requires to take appropriate decisions. Second, the strategy ensures that policy decisions, including the economic rationale on which they are based, can be presented in a clear, coherent and consistent way to the public.
Although attention is warranted on, for example, the impact of the tightening of global financial conditions, the financial system is likely to remain highly robust on the whole, mainly because financial institutions have sufficient capital bases.