The Governing Council agreed on a set of principles that will guide monetary policy implementation in the future: Effectiveness: The main objective of the operational framework is to ensure the effective implementation of the monetary policy stance in line with the provisions of the EU Treaty. This is best achieved by steering short-term money market rates closely in line with monetary policy decisions. Some volatility in money market rates can be tolerated as long as it does not blur the signal about the intended monetary policy stance. Robustness: The operational framework needs to be robust to different monetary ... (full story)