It is clear from Duisenberg (1998), and elsewhere, that the ECB has adopted a two pillar strategy with a combination of money base targeting and inflation targeting and so in this paper we evaluate this rule against other rules nested within it.
However the differences in Euro Area output volatility between the two pillar strategy and a nominal target regime are nor statistically significant.
Indeed, on an 'equal weights' basis the two pillar strategy seems the best choice for the Euro Area.
The Universal Access two pillar strategy
of information and facilities is unprecedented in the industry.
The European Central Bank has a remit to maintain price level stability in the medium term, and it has developed a two pillar strategy, with interest rates being set in relation to a reference value of M3 and general (inflationary) conditions.
They conclude that the two pillar strategy adopted by the European Central Bank (ECB) is appropriate for European needs.
Experience in Two Pillar Strategy of Information and Facilities
With the addition of Jay, we are enhancing our organization to support our two pillar strategy," said Bob Rainone, Universal Access's chief operating officer.