Is the ECB’s strategy review enough?

Reformed framework may allow greater stimulus to tackle weak inflation expectations, but Governing Council is already divided

The European Central Bank’s 2% symmetric inflation target, unveiled on July 8, was the key element of the institution’s first strategy review since 2003. After almost a decade failing to reach ‘close to 2%’, many observers also expect the review to have given the Governing Council the policy framework required to deploy a more forceful monetary policy.

Given that ECB staff projections have inflation expectations at just 1.4% in 2023, greater force may be necessary. But the Governing Council is

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