One element of the strategy is to quantify what the BoU is aiming at in terms of price stability, namely a below 5% inflation rate. It is also important for the BoU to clearly communicate what monetary policy can, and cannot, achieve.
For example, monetary policy cannot offset short-term changes in the inflation rate, which are caused by economic shocks, such as sharp oil price increases or higher administrative costs. It is thus a permanent challenge to explain any deviations in inflation from the definition of price stability.