This is not to say that the ECB is not concerned about the exchange rate; it is rather that the ECB does not have an exchange rate objective. The exchange rate is one of the factors that we take into account in deciding on our monetary policy stance.
The important thing for us is to know whether the level of the euro exchange rate and its outlook are likely to hinder the return of inflation rates to below, but close to, 2%, which is our definition of price stability and which lies at the heart of our mandate.