Yet, moves to improve benchmarks suffer at present from the challenge of declining transaction volumes in the unsecured interbank market although the ongoing work points to a successful conclusion of the reform. The discussion of which interest rates to focus on is closely intertwined with the issue of central bank counterparties.
In my view, a successful implementation of the strategy review would deepen the researchbased knowledge underpinning the monetary policy strategy and thereby enhance the common understanding on policy stance within the Governing Council. The review process should thus contribute to better monetary policy decision making and likewise support consistent communication on the monetary policy stance.