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.
Secondly, monetary policy is done with very different tools from those of 16 years ago. And thirdly, it is a good practice to periodically bring the brightest minds in the academic community together with practical policymakers to evaluate our monetary policy strategies. This process can, once successful, enhance our common understanding of the goals and tools of monetary policy.