We have preferred to cease using the word so as to dispel the impression that had prevailed in financial markets that by using it, we are committing ourselves to maintaining interest rates unchanged for a considerable period of time. It is a controversial decision. Some observers are wondering whether the ECB may perhaps be losing some of its transparency.
This decision must not lead people to think that the ECB is less transparent about its policy stance or that it no longer wants to guide the markets. We believe that monetary policy must be, generally speaking, predictable in the light of our strategy and goals.