The Governing Council of the ECB will continue to discuss the specification of the strategy along these lines over the months to come. The Governing Council will then specify the exact formulation of its strategy and its implementation in 1999 before the start of Stage Three. BIS Review 77/1998
The ECB staff has made some new baseline projections available – which were discussed by the Governing Council last week – built on the assumptions that disruptions to energy supplies and impacts on confidence are only temporary, while global supply chains are not significantly affected.