ECB’s Governing Council approves its new monetary policy strategy. Full press release ecb.europa.eu/press/pr/date/…
The ECB’s monetary policy strategy statement ecb.europa.eu/home/search/re…
ECB presents action plan to include climate change considerations in its monetary policy strategy. Full press release ecb.europa.eu/press/pr/date/…
Read all about our new monetary policy strategy on our dedicated webpage ecb.europa.eu/home/search/re…

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More from @ecb

8 Jul
(THREAD) President Christine @Lagarde today presented the outcome of our monetary policy strategy review in a press conference and answered questions from journalists. Here are some of the main points ⬇️ 1/7
A new price stability objective
We have amended our formulation of the price stability objective to a two per cent inflation target over the medium term. This gives more clarity about our objective and helps better anchor inflation expectations 2/7
A symmetric target
The Governing Council’s commitment to the two per cent target is symmetric. Symmetry means that we consider negative and positive deviations of inflation from the target to be equally undesirable 3/7
Read 7 tweets
28 Jun
We should not be afraid of monetary and fiscal policies working together, says Executive Board member Fabio Panetta. It has the potential to bring us back sustainably to our inflation aim and to an economy operating at full capacity ecb.europa.eu/press/key/date… 1/4
Panetta: If we are seen as determined to achieve 2% inflation without undue delay and enable monetary-fiscal interactions, rising inflation expectations will make our task easier. Otherwise, we will end up spending more, not less, and we may not exit the liquidity trap 2/4
Panetta: We should recognise that what was seen as unconventional in the past is now conventional. In particular, we should strive to retain the unconventional flexibility that has served us well during the pandemic 3/4
Read 4 tweets
26 Apr
(THREAD) How globalisation affects inflation and financing conditions in the euro area depends on our policy response, says Executive Board member Fabio Panetta. The euro area has monetary autonomy – the question is how to use it wisely. Speech ecb.europa.eu/press/key/date… 1/5
Panetta: Global factors, especially commodity price shocks, can have sizeable effects on price developments. But globalisation has only marginal effects on trend inflation. The inflation process is still a domestic phenomenon that monetary policy can control 2/5
Panetta: Europe’s economic trajectory is in our hands. The ECB will continue to use its monetary autonomy to bring inflation back to our aim. In recent months, euro area yields have decoupled from those in the United States 3/5
Read 5 tweets
10 Feb
A digital euro would increase consumer choice, reduce costs and support the digitalisation of the economy, says Executive Board member Fabio Panetta. It would offer a safe means of payment and preserve money as a public good. Full speech ecb.europa.eu/press/key/date… 1/4
Panetta: A digital euro would be an efficient means of payment, not a form of investment. This would prevent people moving large deposits from commercial banks to the central bank and address risks to the international financial system 2/4
Panetta: A digital euro would have the protection of privacy as a key priority, helping to maintain trust in payments. We have already analysed privacy-enhancing techniques, and we will continue to do so in the coming months 3/4
Read 4 tweets
5 Jan
Economie Bulletin box: Developments in the tourism sector during the COVID-19 pandemic ecb.europa.eu/pub/economic-b…
Economic Bulletin: Declining mobility amplified the COVID-19 shock in countries dependent on foreign tourism
Economic Bulletin: Domestic tourism has partially compensated for the drop in foreign tourism during the summer
Read 4 tweets
30 Nov 20
(THREAD) When investors go green, they go European, ongoing research by ECB and @DNB_NL economists shows. Home bias in the green bond market is much weaker than in the bond market as a whole 1/4
Buying green bonds from across Europe increases portfolio diversity, which makes investments less vulnerable to fluctuations and shocks in the domestic economy 2/4
Green bonds support a transition to a more sustainable economy and can help bring EU capital markets closer together as we strive for a fully fledged capital markets union. See more on this in an interview by Executive Board member @Isabel_Schnabel ecb.europa.eu/press/inter/da… 3/4
Read 4 tweets

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