Even less than would be possible under “normal” circumstances, in such an environment monetary policy cannot be reduced to reacting in a quasi-mechanical manner to monetary developments or inflation forecasts. The complexity of the environment requires a more sophisticated approach, embodied in the ECB’s strategy.
Let me finally say that I am hopeful that the publication of macroeconomic forecasts will improve the presentation and explanation of monetary policy decisions to the public. By publishing an important input into the decision making process, the considerations facing the Governing Council when taking a decision should become clearer to the public.