The monetary analysis focuses on a longer-term horizon, analysing the long-run link between money and prices. With these two analyses, the ECB covers the entire chronological spectrum. The monetary analysis mainly serves as a means of cross-checking, from a medium to long-term perspective, the short to medium-term indications from the economic analysis.
•  Communication, transparency and accountability The move towards central bank independence has been accompanied by great progress in the areas of accountability and independence.