All this information is assessed simultaneously by the Governing Council under the second pillar, and is complemented by the monetary analysis under the first pillar. In the discussions leading to its policy decisions the Governing Council systematically incorporates the analyses conducted under both of the complementary pillars underlying the ECB's monetary policy strategy.
It should be regarded as a strength of the strategy that multiple frameworks are embodied and the resulting need for decisions which are robust across different models of the economy becomes obvious. A good understanding of the ECB's monetary policy in public enhances the effectiveness and fosters the credibility of the ECB's monetary policy.