Encompassing monetary policy strategy review

Policy White Paper No. 68

Authors:
Otmar Issing
Research Area:
Money and Finance
Date:
Jun 2020
Keywords:
monetary policy, ECB, price stability, two-pillar system, strategy review
Abstract:

This Policy White Paper assesses several main elements of ECB’s upcoming review of its monetary policy strategy, announced in January 2020. Four aspects of the review are discussed in detail: i) ECB’s definition of price stability and the arguments for and against inflation targeting; ii) the scope of ECB’s objectives, considering financial stability, employment and the sustainability of the environment; iii) an update of ECB’s economic and monetary analyses to assess the risks to price stability; iv) the ECB’s communication practice. Furthermore, an overview of the ECB’s monetary policy strategy and its last evaluation in 2003 is given.

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