ECB may redefine monetary strategy, price target

The European Central Bank is to re-assess its "two-pillar" monetary strategy next year amid signs that it is edging towards a more flexible approach to its price-stability mandate.

Many economists believe the reassessment could help the bank strengthen its decision-making, leading to more timely interest-rate changes. The ECB is often criticised in financial markets for doing too little, too late.

The review could lead the bank to abandon or demote its first pillar, the M3 money-supply growth t