Is the ECB policy framework suited to tackling higher inflation?

Officials and academics reflect on the two monetary regimes the central bank has faced since its creation

ECB + bridge

In the face of rapidly rising inflation, is the European Central Bank’s new monetary policy framework adequate to preserve price stability?

When the ECB embarked on its strategy review in January 2020, the focus was on reversing close to a decade of below-target inflation readings. Few could have anticipated that barely four months after the institution formally adopted a symmetric 2% target, rapidly rising inflation would be the main source of concern.

The eurozone’s harmonised index of

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