In my view, a successful implementation of the strategy review would deepen the researchbased knowledge underpinning the monetary policy strategy and thereby enhance the common understanding on policy stance within the Governing Council. The review process should thus contribute to better monetary policy decision making and likewise support consistent communication on the monetary policy stance.
Next, I shall discuss two particular policy issues that play a major role in relation to monetary policy and the ECB decision-making. First, macropudential policy; second, the policy mix with fiscal policy. Macroprudential policy as the second pillar of central banking Post-crisis, macroprudential policy has become the second key pillar of central banking today, alongside monetary policy.