In any case, the medium-term orientation of the Eurosystem's monetary policy strategy ensures that the Governing Council will duly discount short-term price volatility in its deliberations. 1.2  The choice of the quantitative value for the objective  The announcement of a quantitative definition of price stability is an essential element of the Eurosystem's monetary policy strategy.
It provides a clear and measurable benchmark against which the public can hold the Eurosystem accountable. It enhances the transparency of the monetary policy framework, and gives guidance to expectations of price developments, thereby helping to stabilize the economy.