Report on monetary policy tools, strategy and communication

Christophe Kamps, Matthieu Bussiere, Birgit Niessner, Oreste Tristani, Kai Christoffel, Sujit Kapadia, Giuseppe Ferrero, Niels Gilbert, Thomas Vlassopoulos, Roberto Motto, Rafael Gerke, Galo Nuño Barrau, Ramón Adalid, Yıldız Akkaya, Simone Auer, Lea Bitter, Claus Brand, Alexandre Carrier, Paola Di Casola, Michael Dobrew, Alessandro Ferrari, Gavin Goy, Adriana Grasso, Boryana Ilieva, Thomas Kostka, Noëmie Lisack, Falk Mazelis, Thomas McGregor, Benoît Nguyen, Sebastian Rast, Annukka Ristiniemi, Stefan Ruhkamp, Arthur Saint Guilhem, Elisa Saporito, Andreea Liliana Vladu, Pablo Aguilar, Anastasia Allayioti, Carlo Altavilla, Elena Angelini, Ana Arencibia Pareja, Eleni Argiri, Aris Avgousti, Katarzyna Bańkowska, David Barkhausen, Anna Bartocci, Colm Bates, Christoph Basten, Ursel Baumann, Nicola Benatti, Marco Bernardini, Tilman Bletzinger, Elena Bobeica, Diana Bonfim, Jef Boeckx, Benjamin Böninghausen, Paolo Bonomolo, Margherita Bottero, Miguel Boucinha, Dirk Broeders, Katarzyna Budnik, Lorenzo Burlon, Ginters Buss, Alessandro Cantelmo, Giacomo Carboni, José Cardoso da Costa, Tomás Carrera de Souza, André Casalis, Matteo Ciccarelli, Julian-Baptiste Cinquin, Mohammed Chahad, Günter Coenen, Agostino Consolo, Pietro Cova, Matias Covarrubias, Olivier Georg De Jonghe, Roberto A. De Santis, Milan Deskar-Škrbić, Rodolfo Dinis Rigato, Rubén Dominguez Diaz, Stéphane Dupraz, Michael Ehrmann, Michaela Elfsbacka-Schmöller, Rita Fernandes Vitorino Besugo, Annalisa Ferrando, Luís Fonseca, Caterina Forti Grazzini, José-Elías Gallegos, Johannes Gareis, Laura Gáti, Dimitris Georgarakos, Gabriel Glöckler, Nicolò Gnocato, Sandra Gomes, Beatriz Gonzáles, Robert Goodhead, Sofia Gori, Antonio Greco, Alex Grimaud, Johannes Groß, Markus Haavio, Tim Hagenhoff, Felix Hammermann, Casper Helmus, Joni Heikkinen, Hannah S. Hempell, Marie Hoerova, Fédéric Holm-Hadulla, Björn Imbierowicz, Katti Irastorza, Klodiana Istrefi, Jip Italianer, Pirkka Jalasjoki, Kasper Jørgensen, Gallegos Dago Jose Elias, Rokas Kaminskas, Peter Karadi, Hanno Kase, Danielle Kedan, Mark Kerssenfischer, Daniel Kienzler, Juha Kilponen, Inge Klaver, Georgi Kocharkov, Thore Kockerols, Antoine Kornprobst, Mika Kortelainen, Georgi Krustev, Vanessa Kunzmann, Claudia Kwapil, Olli-Matti Laine, Jan Hannes Lang, Wolfgang Lechtaler, Wolfgang Lemke, Stéphane Lhuissier, Philipp Lieberknecht, Tobias Linzert, Matija Lozej, Peeter Luikmel, Frederik Lund-Thomsen, Patrick Lünnemann, Davide Malacrino, Catalina Martínez Hernández, Jaime Martínez-Martin, Magali Marx, Kostas(Konstantinos) Mavromatis, Aidan Meyler, Angeliki Momtsia, Georg Müller, Anton Nakov, Kalin Nikolov, Alessandro Notarpietro, Meri Obstbaum, Florens Odendahl, Christian Offermans, Maritta Paloviita, Niki Papadopoulou, Melina Papoutsi, Matic Patriček, Adrian Penalver, Alexandru Penciu, Martin Pintarić, Sebastiaan Pool, Romanos Priftis, Dominic Quint, Ansgar Rannenberg, Tomas Reichenbachas, Joost Röttger, Valerio Scalone, Alexander Scheer, Jan Scheithauer, Maximilian Schröder, Julian Schumacher, Fabian Schupp, Bernd Schwaab, Ifigeneia Skotida, Christian Speck, Arnoud Stevens, Manuela Storz, Martin Strukat, Jacek Suda, Marta Szablewksa, Dominik Thaler, Johannes Tischer, Andrea Giorgio Tosato, Alejandro Van der Ghote, Georges Várhelyi, Sofia Velasco, Alexia Ventula-Veghazy, Igor Vetlov, Matjaz Volk, Julian von Landesberger, Leopold von Thadden, Johannes Wacks, Thomas Westermann, Ladislav Wintr, Srečko Zimic, Andrejs Zlobins, Klavs Zutis, Elise Dupin, Luca Ebener, Inês Fernandes de Almeida Lindoso, Cian Hennigan, Edoardo Pilla, Anita Sammarini, Tal Strauss and Flavia Ungarelli

No 372, Occasional Paper Series from European Central Bank

Abstract: This report focuses on the implications of the changed inflation environment for the ECB’s monetary policy strategy, including the lessons learned from both the low inflation and high inflation periods, and the transition from one to the other. The starting point of the report is the outcome of the Monetary Policy Strategy Review 2020-21. While the previous review was conducted in an economic environment of low inflation, with interest rates in proximity to the effective lower bound (ELB), the inflation surge that followed the COVID-19 pandemic underscores the importance of a monetary policy strategy that enables the Governing Council to effectively respond to major changes in the inflation environment.

Date: 2025-06
New Economics Papers: this item is included in nep-eec and nep-mac
Note: 491621
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Persistent link: https://EconPapers.repec.org/RePEc:ecb:ecbops:2025372

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