Against this backdrop and in addition to propagating the fruits of its labour, BI will service the requirements of its stakeholders by conducting researches and studies on various business sectors and industries, including micro, small and medium enterprises (MSME), both independently and in collaboration with the banking industry.
By providing a stable framework for making and explaining monetary policy decisions, the strategy bolsters the credibility and effectiveness of the single monetary policy. Given the practical constraints I have just outlined, at this early stage it would clearly be unwise for the ECB to rely mechanically on the signals offered by a single indicator or forecast in order to take monetary policy decisions.