Communication

Key communication messages of the Eurosystem:

  • The Eurosystem is fully committed to achieving price stability over the medium term, defined as an annual increase in the euro area HICP of below 2%, but close to 2%
  • In the first 12 years of the euro's existence price stability was achieved. The average increase in consumer prices over the period 1999 - 2010 was 1.97%.
  • This result is better than that of all the larger economies of the euro area over the past fifty years. It has given us high credibility with regard to attaining price stability in the medium term future.
  • Inflation expectations are well anchored, and this anchoring is in itself of the essence for avoiding second-round effects of external price shocks.
  • The Governing Council is using standard monetary policy measures, i.e. the key interest rates, to  attain medium-term price stability.
  • During the  financial crisis, the Governing Council has used non-standard measures to help restore the efficiency of the transmission of monetary policy, making sure that the key interest rates are having the appropriate effect on the real economy and therefore on the price developments.
  • The ECB acts in an advisory role in the "Troika" which oversees the implementation of economic adjustment programmes in Member States which have received financial assistance form ESM/EFSF.
  • The Eurosystem cannot substitute for the governments in the conduct of economic policies that foster growth and job creation. The monetary policy can create a solid foundation, but the potential for economic growth and welfare depends on prudent fiscal policies, appropriate structural policies and the existence of a well-functioning financial sector.
  • The ECB assumed the tasks conferred upon it by means of the EU Regulation on a Single Supervisory Mechanism (SSM). The SSM is only one pillar of the banking union that will make the financial system safer and more resilient.