The ECB and the euro-the first 6 years: A view from the ECB

The adoption of a common currency by 12 European countries confronted monetary policy with unique challenges. In pursuing its overriding goal of price stability the ECB has adopted a monetary-policy strategy aiming to maintain inflation below, but close to, 2% over the medium-term. Its policy decisions are based on a comprehensive analysis of risks to price stability, comprising an economic and monetary analysis. Since the ECB's inception the institutional framework for securing a stable European currency has proved itself in practice.