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Review of the European Central Bank’s monetary policy strategy

Revisão da estratégia de política monetária do BCE

The outcome of the Strategy Review


More about the review of the European Central Bank’s monetary policy strategy


- Inês da Cunha Cabral, Pedro Pires Ribeiro and João Nicolau (2021) “Changes in inflation compensation and oil prices: short-term and long-term dynamics”, Empirical Economics, March
- Tiago Cavalcanti, Zeina Hasna and Cezar Santos (2020) “Climate change mitigation policies: aggregate and distributional effects”, Banco de Portugal Working Paper No 17, November
- Christian Bittner, Diana Bonfim, Florian Heider, Farzad Saidi, Glenn Schepens and Carla Soares (2020) “Why so negative? The effect of monetary policy on bank credit supply across the euro area”, mimeo
- Bernardino Adão, Borghan Narajabad and Ted Temzelides (2020) “Renewable technology adoption and the macroeconomy”, mimeo
- João Valle e Azevedo, João Ritto and Pedro Teles (2019) “The neutrality of nominal rates: how long is the long run?”, Banco de Portugal Working Paper No 11, June
- Bernardino Adão (2019) “Why is price stability a key goal of central banks?“, Economics Synopsis, Banco de Portugal Economic Studies, January
- Nuno Alves, Diana Bonfim and Carla Soares (2016) “Surviving the perfect storm: the role of the lender of last resort”, Banco de Portugal Working Paper No 17, September
- Pedro Teles, Harald Uhlig and João Valle e Azevedo (2016) “Is quantity theory still alive?”, The Economic Journal, 126 (591), 442–464

Interviews and speeches

[13.07.21] Interview with Governor Mário Centeno to Reuters 

[12.07.21] Interview with Governor Mário Centeno to Público (in Portuguese only)

[28.04.21] Introductory Statement by Governor Mário Centeno at The Institute of International and European Affairs Webinar: "Monetary Policy in Transition"

[03.03.21] Interview with Governor Mário Centeno to Central Banking about monetary-fiscal interaction in the eurozone

About the Strategy Review

During the monetary policy strategy review, the ECB and national central banks across the euro area hosted various listening activities with the general public, civil society organisations and academia. Ideas and perspectives shared at these events fed into the strategy review. Citizens across the euro area expressed their views on a range of issues through the "ECB Listens Portal".

The Banco de Portugal – as part of the system of euro area central banks – has hosted various events to hear the opinions of Portuguese citizens. Between December 2020 and January 2021 three events were organised with university students and professors, representatives of civil society organisations and journalists. The Governor of the Banco de Portugal, who plays a role in monetary policy decision-making as a member of the ECB’s Governing Council, was present at all these events.

See below the videos of public sessions (in Portuguese only):