My speech today mainly considers what euro area monetary policy might look like in the aftermath of the COVID-19 crisis. I’d particularly like to discuss the thorny relationship between monetary policy and fiscal policy. The pandemic hit the Eurosystem just as we had started our monetary policy strategy review. That delayed discussions surrounding our future strategy, which have not yet been finalised.
But there are a few facets of this debate I’d like to illuminate today – specifically, how we could formulate our monetary policy objective in concrete terms, and what significance climate protection might have for the fulfilment of our mandate.