An assessment of the ECB’s strategy review

Aspects of the framework raise challenges for implementation and credibility, while climate change inclusion may politicise the institution

When assessing the recent review of the European Central Bank’s monetary policy strategy, it is important to understand the ‘old’ strategy and changes made to it in 2003. This will provide a better context on why some elements of the Eurosystem’s monetary policy were altered as well as the rationale supporting such amendments and the risks they present.

1. The strategy at the outset

On October 13, 1998 (ie, 10 weeks before the launch of the euro), the ECB’s Governing Council adopted my

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