It also helps to reinforce the credible anchoring of our definition of price stability in the medium and long-term expectations of economic agents and markets. Robustness of the framework The appropriateness of a monetary policy strategy cannot be evaluated by means of just one particular model or class of models.
Rather, a good candidate strategy needs to perform well across a variety of empirically plausible models, and it has to allow for the judgement of policy-making bodies. The ECB’s analyses and economic perspectives of the risks to price stability are founded on a two-pillar framework.