At the same time, its design is adapted to the unique situation of introducing a single currency in eleven countries, which may to a certain extent change economic behaviour. Therefore as much continuity as possible and as much change as required is the thrust of our strategy. Our strategy consists of two pillars.
The first is an important role for money and the second is a broad-based assessment of the outlook for price developments in the euro area. The main reason for assigning a prominent role to money is the empirically well-founded view that inflation, at least in the long run, is a monetary phenomenon.