33  See Cristadoro R., Forni M., Reichlin L. and G. Veronese (2005), “A Core Inflation Index for the Euro Area,” Journal of Money, Credit and Banking Vol. 37(3), pp. 539-560; and Lenza, M. (2006), “HICP and Core Inflation in the Euro Area,” ECB, mimeo.
34  For the purpose of setting a quantitative objective for monetary policy, a price index should embody a number of essential properties. These include the credibility of the index as perceived by the general public, a high level of reliability (e.g. revisions should be infrequent), and the availability of the index with sufficient timeliness and frequency.