The Governing Council of the ECB has thoroughly discussed its monetary policy approach and subsequently presented and explained the results in detail to the public. The ECB has made it plain that – in line with its mandate – it shall pursue neither an exchange-rate-oriented monetary policy nor an anticyclical monetary policy.
Exchange rates and the business cycle will certainly be carefully observed, analysed and taken into consideration in the decisionmaking process, but they do not determine the general orientation of the ECB’s monetary policy.