TIE asked this distinguished policymaker for his final defense of the European Central Bank's two-pillar strategy. The European Central Bank was established to take responsibility for a new currency, the euro, as of January 1999. To overcome some of the inevitable uncertainties and even skepticism surrounding this enterprise, in the autumn of 1998 the Governing Council of the ECB described to the public how it would organize its assessment of the economic situation and prospects in order to arrive at its monetary policy decisions. This monetary policy strategy soon became famous for its "two pillar" structure. But why two pillars?
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