That, however, is not the approach adopted by the Eurosystem! 3  BIS Review 40/1999  Instead, the strategy of the Eurosystem opens up other options for the appropriate consideration of the interaction between the deployment of monetary policy instruments and macroeconomic fluctuations.
At this juncture, I only wish to allude briefly to the fact that the reference value for monetary growth was derived with due consideration of the prospective movement of production potential. To this extent, the Eurosystem’s strategy already includes to some extent a built-in stabiliser within the business cycle.