Our assessment keeps economic and monetary analysis distinct because from an empirical perspective the information content of both pillars relates to different time horizons regarding the risks to price stability. Having both, monetary and economic analysis instead of just cyclical information, one avoids the mistake of taking a too narrow view of the data.
Our broad-based and robust strategy thus prevents us from ignoring potentially relevant information. Let me put these general remarks into a more specific context by referring to the statement we published today. As the President of the ECB announced today we decided to increase the key ECB interest rate by 25bp to 4%.