The ECB’s concept and practice of transparency and communication  III.1  Communicating the monetary policy objective and strategy  Let me now turn to the ECB’s concept and practice of transparency and communication. The EU Treaty and the ECB Statute clearly state that the primary objective of monetary policy is to maintain price stability.
But they do not define a strategy to achieve that goal. The ECB announced its monetary policy strategy in October 1998, well before the launch of the euro on 1 January 1999. The strategy includes a quantitative definition of price stability and a twopillar, medium-term oriented, analytical framework, employing economic and monetary analyses, to assess risks to price stability.