These two main approaches are themselves a reflection of a substantial lack of agreement amongst economists on what paradigm or model best represents the functioning of a monetary economy. As yet, no single, unified and uncontroversial framework has been developed.
The two-pillar structure of the strategy helps to ensure that information and analysis from one methodological perspective is always cross-checked against information and analysis from the other perspective. This provides effective insurance against the uncertainties and complexities of the economic environment and helps reduce the risks of policy errors, thereby enhancing the robustness of monetary policy decisions.