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ECB announces its new monetary policy strategy
The European Central Bank (ECB) released its new monetary policy strategy, which adopts a symmetric 2%-inflation target over the medium term.
"The Governing Council considers that price stability is best maintained by aiming for a 2% inflation target over the medium term," stated ECB in its release. "This target is symmetric, meaning negative and positive deviations of inflation from the target are equally undesirable. When the economy is operating close to the lower bound on nominal interest rates, it requires especially forceful or persistent monetary policy action to avoid negative deviations from the inflation target becoming entrenched. This may also imply a transitory period in which inflation is moderately above target."
The Governing Council also confirmed that the Harmonised Index of Consumer Prices (HICP) remains the appropriate measure for assessing price stability, while the set of ECB interest rates remains the primary monetary policy instrument. The ECB also added climate change considerations to its monetary policy strategy.
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