In order to ensure compatibility with the EC Treaty, the agreement between the Government and the MNB ‘On the inflation target and the economic policy conditions of low inflation’, concluded on 25 August 2008, will be amended. The amended agreement focuses exclusively on the areas of cooperation between the Government and the MNB. Decision on the definition of the level and validity of the inflation target will be taken independently by the Monetary Council. The amendment carried out at the request of the European Central Bank will not have an effect on the conduct of monetary policy.