One aspect is price stability – what price stability means and how we define it. It will also cover the symmetry of our aim. Our reaction function is another aspect – in other words, how we react when we don’t meet our objective. I’m sure the discussion will be a lengthy process.
It’s not something that can be decided in one or two Governing Council meetings. Will it be an extensive undertaking like it was last time, back in 2002–03? We will certainly be gathering a great deal of information and input. Just look at what the Federal Reserve is doing. It started reviewing its strategy six months ago and won’t be finished until early 2020.