This is from ECB President Mario Draghi:
Let me use this occasion to dwell a bit further on monetary policy in the current environment. Three principles are of the essence: continuity, consistency and credibility.
Continuity first and foremost refers to our primary objective of maintaining price stability over the medium term.
Consistency means to act in line with our primary objective and with our strategy both in time and over time.
Credibility implies that our monetary policy is successful in anchoring inflation expectations over the medium and longer term. This is the major contribution we can make in support of sustainable growth, employment creation and financial stability. And we are making this contribution in full independence.
Gaining credibility is a long and laborious process. Maintaining it is a permanent challenge. But losing credibility can happen quickly – and history shows that regaining it has huge economic and social costs.
These three principles – continuity, consistency and credibility – are at the root of the Governing Council’s outstanding record during the past 13 years in terms of price stability and anchoring inflation expectations.
Hurray! We´ll all “die” but our credibility will not be “dishonored”!