On the contrary, strong focus on a single inflation forecast would not do justice to the complexity of the decision-making process and at the same time not be a transparent means to communicate this complexity. Overall, projection exercises provide a main element within the second pillar, but they do not offer an all-encompassing summary device.
Four and a half years have elapsed since the announcement of the Eurosystem's monetary policy strategy. These years provide a wealth of information, in terms of direct experience and of views by external observers. In December 2002 the President of the ECB announced that the Eurosystem would conduct an extensive analysis of its strategy.