摘要：Stability oriented Euro-central banking means to focus on an appropriate development of consumer prices referring to the Euro Area in a single monetary policy approach and considering but not targeting asset prices or exchange rates. For the Euro Area recent empirical research confirmed that medium-term to longer-term movements in monetary growth and inflation have been highly correlated. Modern central banking requires a comprehensive approach with first,a privileged position of the money link to identify medium-term to long-term risks for price stability and to support pre-emptive actions of monetary policy. Second,it also requires an additional economic analysis to reveal more short-term risks for price stability. The two pillar strategy of the ECB comprises these two aspects by using an analysis of economic dynamics and shocks as one pillar and the analysis of monetary trends as second pillar. Third,and this is the lesson from the discussion about mone?tary targeting versus inflation targeting,modern central banking has to integrate and emphasize methods of inflation forecast. But the conduct of monetary policy should not be based too mechanically on forecasts because such a reaction-rule can not describe the policy action to be taken in every situation in an ever changing complex economy and therefore use of it as an automatic prescription would not contribute to credibility.
