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2021/07/15 / Erste Group Research

ECB revises its strategy

Last week the ECB announced the outcome of its Strategy Review. The core of the new monetary policy strategy is the reformulation of the inflation objective: This is now ‘2% over the medium term’ instead of previously ‘below but close to 2% over the medium term’, it and will provide the ECB with (even) more flexibility in adopting appropriate monetary policy responses in the future.

Another part of the new strategy consists of taking into account climate protection in future monetary policy decisions. This concerns primarily the impact of climate change and the transformation process toward a more sustainable economy, as well as the associated risks. A detailed action plan on this is to be presented next year.

ECB also wants to work on its communication. It is to become less technical and easier to understand, with more narrative and visual elements.

In principle the new ECB strategy was received favorably. However, the credit markets are waiting for more detailed information.
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General information

AuthorErste Group Research
Product nameCredit News
Topic in focusCredits/ Corporate bonds
Economy in focusAustria, Eurozone
Currency in focusEuro
Sector in focus-


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