Policy Briefs

L. Bini Smaghi – The new ECB Strategy: What will change?

On 8 July 2021 the ECB published its new Monetary Policy Strategy. Following the announcement, it is legitimate to ask what might change in the conduct of monetary policy in the Eurozone as it goes forward.
The immediate – intuitive – answer to the question is that no major change should be expected. The reason is that the new strategy is not that different from the previous one, although it is certainly clearer. Financial markets do not seem to have reacted significantly in any specific direction, although it may be too early to tell.

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