'A first: the articulation of the goals and strategy of the European Central Bank, from inside. It is an important document, which will help markets interpret monetary policy actions, and make for a much sharper professional and public debate.' Olivier Blanchard, MIT

• Introduction; 1. Money, output and prices: the scope of monetary policy; 2. Monetary policy making: strategies and rules; 3. The Euro area: an overview; 4. The ECB strategy: defining price stability; 5. The role of money; 6. The broadly based assessment; 7. The ECB strategy: an overall view; 8. The operational framework; 9. Accountability and transparency; 10. The single monetary policy in 1999.

'A first: the articulation of the goals and strategy of the European Central Bank, from inside. It is an important document, which will help markets interpret monetary policy actions, and make for a much sharper professional and public debate.' Olivier Blanchard, MIT

• Introduction; 1. Money, output and prices: the scope of monetary policy; 2. Monetary policy making: strategies and rules; 3. The Euro area: an overview; 4. The ECB strategy: defining price stability; 5. The role of money; 6. The broadly based assessment; 7. The ECB strategy: an overall view; 8. The operational framework; 9. Accountability and transparency; 10. The single monetary policy in 1999.

'A first: the articulation of the goals and strategy of the European Central Bank, from inside. It is an important document, which will help markets interpret monetary policy actions, and make for a much sharper professional and public debate.' Olivier Blanchard, MIT

• Introduction; 1. Money, output and prices: the scope of monetary policy; 2. Monetary policy making: strategies and rules; 3. The Euro area: an overview; 4. The ECB strategy: defining price stability; 5. The role of money; 6. The broadly based assessment; 7. The ECB strategy: an overall view; 8. The operational framework; 9. Accountability and transparency; 10. The single monetary policy in 1999.