Therefore, the ESCB's monetary policy strategy will focus strictly on this objective.
Price stability is to be maintained over the medium term.
The current rate of HICP inflation in the euro area is in line with this objective. It also acknowledges the existence of short-term volatility in prices which cannot be controlled by monetary policy. This role will be signalled by the announcement of a quantitative reference value for the growth of a broad monetary aggregate. Deviations of current monetary growth from the reference value would, under normal circumstances, signal risks to price stability. The concept of a reference value does not imply a commitment to mechanistically correct deviations over the short term.