As we can see, this is a more reasonable approach than relying on a simple indicator, given that we are living in a complex world. There is another line of argument which is that the monetary policy of the Eurosystem focuses too closely on cyclical developments. This would be inconsistent with the public commitment to a medium-term orientation.
This body of opinion often refers to the explanations delivered on the occasion of the interest rate cut in April 1999. These critics claim that this move was mainly intended to support employment and growth prospects in the short term.