The ECB Strategy: The 2021 Review and its Future

Improving global governance
Sep 30, 2021 | Center for Economic Policy Research, Lucrezia Reichlin, Klaus Adam, Warwick McKibbin et al

The European Central Bank’s eighteen-month strategy review - published in July 2021 – seeks to innovate the design and magnitude of its policy responses. In this report by the Center for Economic Policy Research, European economists Lucrezia Reichlin, Klaus Adam, Warwick McKibbin et al assess the changes to and future evolution of the ECB’s strategy. They provide a structured discussion of four key topics: the definition of the target (price stability and secondary objectives); the operational framework; interactions between fiscal and monetary policies; and the implications of climate change and related mitigation initiatives for monetary policy. The consensus is that the ECB is moving in a sensible direction, but many questions are left unanswered, and it remains to be seen whether the new monetary policy strategy will address the challenges it has set out to meet.

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