Accordingly, a decision on the possible sale of these principal divisions of the Building and Facility segment and a potential adjustment of the
two-pillar strategy which may be required thereby has not been taken.
s view it would be better if the
two-pillar strategy of the ECB were replaced by explicit inflation targeting.
Our sharpened client-focused,
two-pillar strategy introduced in mid-2008 is paying off.
The ECB describe this as a two-pillar strategy, and we may characterise the rule as:
the price level) in the two-pillar strategy and the differences in the relative weights on output and inflation in the Taylor-style rules.
The most pertinent criticism of the two-pillar strategy is that it lacks transparency.
So we are approaching crunch-time for the ECB's two-pillar strategy.
With this in mind, the result does not contradict the
two-pillar strategy.
The Deutsche Sachver-standigenbeirat repeatedly criticized the
two-pillar strategy in its annual Report 2000/2001.
The robust and cross-checking assessment of information that characterises our
two-pillar strategy has provided the Governing Council with the analytical support most suitable for the conduct of monetary policy in the complex and dynamic euro area environment.
We are convinced that we can successfully develop our company based on a consistent implementation of our
two-pillar strategy in the long term.
And, drawing in part on its monetary analysis, the ECB's conduct of monetary policy on the basis of its
two-pillar strategy over the first almost seven and a half years of monetary union has achieved very satisfactory results in maintaining price stability.
