(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
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
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
Measuring inflation
We have heard people’s calls for a broader coverage of housing costs in the Harmonised Index of Consumer Prices (HICP). That is why we recommend a roadmap for the inclusion of owner-occupied housing in the HICP – a multi-year project to be led by Eurostat 4/7
We have heard people’s calls for a broader coverage of housing costs in the Harmonised Index of Consumer Prices (HICP). That is why we recommend a roadmap for the inclusion of owner-occupied housing in the HICP – a multi-year project to be led by Eurostat 4/7
Our monetary policy toolkit
We have also carefully reviewed the appropriateness of the instruments in our monetary policy toolkit. The set of ECB policy rates will remain our primary instrument. But the ECB will continue to employ other instruments when the need arises 5/7
We have also carefully reviewed the appropriateness of the instruments in our monetary policy toolkit. The set of ECB policy rates will remain our primary instrument. But the ECB will continue to employ other instruments when the need arises 5/7
Climate change
This is an existential challenge for the world and of strategic importance for our mandate. We will account explicitly for the implications of climate change and the carbon transition in our new strategy. Read our action plan ecb.europa.eu/ecb/climate/ro… 6/7
This is an existential challenge for the world and of strategic importance for our mandate. We will account explicitly for the implications of climate change and the carbon transition in our new strategy. Read our action plan ecb.europa.eu/ecb/climate/ro… 6/7
Communication
Listening events with the public will continue. Press conference statements will be more concise and our monetary policy communication more visual and accessible. We have started with cartoons and texts in plain English on our review ecb.europa.eu/home/search/re… 7/7
Listening events with the public will continue. Press conference statements will be more concise and our monetary policy communication more visual and accessible. We have started with cartoons and texts in plain English on our review ecb.europa.eu/home/search/re… 7/7
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