Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/322087 
Authorgroup: 
Eurosystem Workstream 2: Monetary Policy Tools, Strategy and Communication
Year of Publication: 
2025
Series/Report no.: 
ECB Occasional Paper No. 372
Publisher: 
European Central Bank (ECB), Frankfurt a. M.
Abstract: 
This report focuses on the implications of the changed inflation environment for the ECB's monetary policy strategy, including the lessons learned from both the low inflation and high inflation periods, and the transition from one to the other. The starting point of the report is the outcome of the Monetary Policy Strategy Review 2020-21. While the previous review was conducted in an economic environment of low inflation, with interest rates in proximity to the effective lower bound (ELB), the inflation surge that followed the COVID-19 pandemic underscores the importance of a monetary policy strategy that enables the Governing Council to effectively respond to major changes in the inflation environment. (...)
Subjects: 
monetary policy
inflation
European Central Bank
economic transition
balance sheet
interest
cost-benefit analysis
financial risk
Persistent Identifier of the first edition: 
ISBN: 
978-92-899-7012-9
Document Type: 
Research Report

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