Communicating monetary policy to financial markets

This European Central Bank article reviews the main effects of the ECB's external communication on monetary policy, with a focus on expert audiences in financial markets and the media.

The ECB has published its monetary policy strategy - i.e. a quantitative definition of price stability and a two-pillar approach for the analysis of the risks to price stability - since the very start in October 1998. In doing so, it laid the foundation for a high degree of credibility and emphasised its

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