The monetary policy strategy eschews mechanistic reactions to any single indicator, including monetary aggregates or inflation forecasts. There have been some suggestions that the ECB should abandon its two-pillar strategy over time. I clearly do not share this view. I am convinced that our strategy has worked very well and will continue to be appropriate for the euro area.
There is broad consensus that the uncertainties surrounding the start of Stage Three were unprecedented in European history and continue to require special attention. The Eurosystem has a framework which truly reflects the complexity of the economy.