Several central banks, including the Federal Reserve, are currently reviewing their monetary policy frameworks. Would it be useful for the ECB to do a strategy review as well? We may find pertinent arguments for that. Firstly, monetary policy is done in an economic environment that looks very different from that of 16 years ago, when the ECB last reviewed its strategy.
At the helm of the Bank, I could feel the weight of the responsibility and the immensity of the task of steering the institution through these rough seas to calmer waters.