It could serve as a catalyst for further integration in other areas. As I mentioned earlier, the most important contribution of the Eurosystem's monetary policy to economic growth in the euro area is achieving its primary objective of maintaining price stability. The specific way in which the ECB should pursue this primary objective is laid down by what is called the monetary policy strategy. I should like to address now the main aspects of the Eurosystem's strategy. First, in order to guide expectations of future price developments and to facilitate the public's assessment of the success of the single monetary policy, the Governing Council of the ECB has announced a quantitative definition of its primary objective.
Price stability is to be maintained over the medium term.
Second, to maintain price stability according to this published definition, we have chosen a distinct monetary policy strategy, one that reflects the special circumstances that exist at present as well as those likely to prevail in the foreseeable future. It ensures as much continuity as possible with the strategies previously pursued by the NCBs. At the same time, it gives due consideration to the unique situation that prevails in the early years of the introduction of the euro. Under normal circumstances, substantial deviations from the reference value would tend to indicate future risks to price stability. In the first instance, such deviations will be thoroughly analysed to infer any signals which they may send about the prospects for price developments.