This is in contrast with the framework of the American Federal Reserve which has more than one objective at the same level under US law. In the medium term, the best contribution that the ECB can make in favour of sustained economic growth is, precisely, to create an environment, an atmosphere of stability. Stability implies efficient allocation of resources, competitiveness, lower interest rate risk premiums, higher investment. In securing stability, the Eurosystem creates the necessary conditions to comply with the European Union's objective of economic growth. There is clearly no greater fertiliser for economic growth than price stability, and nothing is more refractory to economic growth than inflation.
Stability is a concept rather than a single figure.
This limit is, of course, a convention. Following our example, the limit must take into account the lack of precision of the car's speedometer, it must make it possible to overtake other vehicles safely and discourage reckless driving. The general orientation of the ECB's monetary policy In this context, let me say a few words about the general orientation of the ECB's monetary policy. We understand that it should be a medium term-oriented monetary policy. Our monetary policy is primarily intended to provide a general framework, a general environment, a general atmosphere of stability.