Eurosystem listening events as part of the monetary policy strategy review
January’s meeting of the Governing Council of the ECB launched the monetary policy strategy review, which is expected to be completed by the end of this year. The last changes to strategy were made in 2003, since which the European economy has undergone a number of structural changes and a financial crisis. “In these circumstances, the Governing Council has decided to launch a strategy review of monetary policy. In this way we will (i) examine how we define and attain the inflation target, (ii) review the instruments we use to do so, (iii) review the economic and monetary analysis and the methods of communication used, and (iv) reassess monetary policy’s broader impact on financial stability, employment and environmental sustainability,” said Boštjan Vasle, Governor of the Bank of Slovenia, when he earlier summed up the key objectives. The involvement of academia, civil society and the general public will also have a prominent place in the strategy review.
To this end central banks will organise a series of Eurosystem listening events at which the views of citizens, academia, parliamentarians and civil society organisations will be heard. Price stability is an important part of everyday life, whenever we save, borrow, spend or invest. We therefore want to make sure that all ideas and concerns are heard before decisions are taken about the future strategy. A series of events is also being planned at the Bank of Slovenia. The ideas and views fed to the ECB by the central banks will help the Governing Council in its decision-making.
The first event in the series will be organised by the ECB in Brussels on 26 March 2020. President Christine Lagarde and Chief Economist Philip R Lane will host a listening event with civil society organisations. The event will be webcast live.
Views and concerns about how the central bank should pursue monetary policy within the framework set out by the Treaty on the Functioning of the European Union will also be gathered by the ECB on its ECB Listens portal, on which all citizens can have their say by 24 April 2020 (also available in Slovene).
For more information, see the ECB website.