The ECB published a comprehensive study on monetary policy in 2011. Chapter 1 describes the main institutional aspects most relevant for understanding the ECB’s monetary policy. Chapter 2 provides an overview of the main economic and financial structures of the euro area economy, and chapter 3 describes the ECB’s monetary policy strategy. Chapter 4 explains how monetary policy decisions are implemented using the available monetary policy instruments and, as a conclusion, chapter 5 illustrates how monetary policy has conducted in the euro area since 1999.
The books can also be downloaded as an electronic from the ECB's website (www.ecb.int), section "Publications" (pdf). Hard copies can be obtained free of charge by writing to the ECB's Press and Information Division at the address given below. European Central Bank Press and Information Division Kaiserstrasse 29, D-60311 Frankfurt am Main Tel.: +49 69 1344 7455, Fax: +49 69 1344 7404 Internet: http://www.ecb.int Reproduction is permitted provided that the source is acknowledged.