However, the Eurosystem, like all central banks, cannot control the price level directly but faces a complex transmission process. Because the latter is complex, the preparation, discussion and presentation of monetary policy decisions must be placed in a coherent clarifying framework. This is the role of the monetary policy strategy. The strategy fulfils two crucial tasks.
Is there a different approach of the ECB President and you as a citizen? In this respect my situation, as well as the situation of my colleagues from the ECB Governing Council, is very clear. According to the Code of Conduct of the ECB Governing Council we shall strictly avoid any situation liable to give rise to a conflict of interest.