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Related Pages
European Central Bank’s monetary policy strategy
Related links
The European Central Bank’s (ECB’s) monetary policy strategy provides a comprehensive framework for monetary policy decisions and its communication with the public.
The ECB’s original strategy was published in 1998, ahead of the start of the Economic and Monetary Union. This strategy was first revised in 2003 and then in 2021.
Since the 2021 review, the Governing Council has decided to assess periodically the appropriateness of its monetary policy strategy.
The current strategy corresponds to the assessment published in June 2025.
The outcome of the monetary policy strategy assessment
More about the assessment of the monetary policy strategy
"ECB Monetary policy strategy assessment 2025 — A strategic view on the economic and inflation environment in the euro area" | European Central Bank, Occasional Paper Series, No 371
"ECB Monetary policy strategy assessment 2025 — Report on monetary policy tools, strategy and communication" | European Central Bank, Occasional Paper Series, No 372
“The ECB’s monetary policy strategy: from the 2021 review to the 2025 assessment” – Alexandre Carvalho, José Miguel Cardoso da Costa, Joana Garcia, Sandra Gomes and Pedro Pires Ribeiro | Banco de Portugal Economic Studies, Vol. XI, No. 1
“The euro area natural interest rate – Estimation and importance for monetary policy” – Alexandre Carvalho | Banco de Portugal Economic Studies, Vol. IX, No. 3
“Deposit interest rates and monetary policy transmission” – Diana Bonfim and Leonor Queiró | Banco de Portugal Economic Studies, Vol. X, No. 4
“Euro area inflation expectations: A focus on consumers’ expectations” – Sandra Gomes, Nuno Monteiro and Pedro Pires Ribeiro | Banco de Portugal Economic Studies, Vol. X, No. 2
“Inflation expectations and household choices: the role of financial knowledge” – João Quelhas | Banco de Portugal Economic Studies, Vol. X, No. 3
“Monetary policy and the recent inflation surge” – Bruno Freitas and Pedro Teles | Banco de Portugal Economic Studies, Vol. IX, No. 2
“A novel decomposition of national central banks’ profits in the euro area: application to the case of Banco de Portugal” – José Miguel Cardoso da Costa and Nuno Silva | Banco de Portugal Economic Studies, Vol. IX, No. 1
“On the solvency and credibility of a central bank” – José Miguel Cardoso da Costa | Banco de Portugal Economic Studies, Vol. VIII, No. 3
“The neutrality of nominal rates: How long is the long run?” – João Valle e Azevedo, João Ritto and Pedro Teles | International Economic Review, Vol. 63, Issue 4
Previous reviews of the European Central Bank’s monetary policy strategy
“The ECB's monetary policy strategy”| European Central Bank Press Release, May 2003
“The outcome of the ECB’s evaluation of its monetary policy strategy” | European Central Bank Monthly Bulletin, June 2003
“Background studies for the ECB’s evaluation of its monetary policy strategy” | European Central Bank, November 2003
“A stability-oriented monetary policy strategy for the ESCB” | European Central Bank Press Release, October 1998