The monetary policy strategy of the European Central Bank (notice n° 697662)

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100 10 - MAIN ENTRY--PERSONAL NAME
Personal name Lane, Philip R.
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Title The monetary policy strategy of the European Central Bank
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Date of publication, distribution, etc. 2022.<br/>
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General note 78
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Summary, etc. This article outlines the main features of the new monetary policy strategy of the European Central Bank (ECB). Under this strategy, the ECB is focused on stabilising inflation at 2% over the medium term. It takes a symmetric perspective on deviations from this target: overshoots and shortfalls are viewed as equally undesirable. At the same time, the strategy fully takes into account the implications of the effective lower bound: since there is an effective floor to policy rates, it is strategically necessary to also deploy interest rate forward guidance, asset purchases and targeted long-term refinancing operations to ensure that the inflation target is achieved. The new strategy also seeks to incorporate the implications of climate change and the carbon transition for macroeconomic and inflation developments.
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Note Revue d'économie financière | 144 | 4 | 2022-03-15 | p. 67-79 | 0987-3368
856 41 - ELECTRONIC LOCATION AND ACCESS
Uniform Resource Identifier <a href="https://shs.cairn.info/journal-revue-d-economie-financiere-2021-4-page-67?lang=en&redirect-ssocas=7080">https://shs.cairn.info/journal-revue-d-economie-financiere-2021-4-page-67?lang=en&redirect-ssocas=7080</a>

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