These two strands of analyses do not stand in isolation. Indeed, the important role of macro-financial linkages in economic, monetary and financial developments requires that the interdependencies across the two analyses are fully incorporated.
Each monetary policy decision by the Governing Council – even if it reconfirms decisions taken in a previous meeting – builds on the evidence provided for by our integrated assessment framework. This evidence informs our discussion on the monetary policy stance required to ensure that economic, financial and monetary developments are consistent with maintaining price stability.