4 Monetary policy strategy Separate from the issues surrounding the monetary policy stance, the ECB Governing Council has another item on its agenda this year: a review of its money policy strategy. This got underway just over a month ago. In the past few years, the Bundesbank has already intensified its contact with the public, for which it has developed a variety of formats.
As such, communication about the possible trajectory of monetary policy tools (first, interest rates; later – also asset purchases) has become a distinct monetary policy tool unto itself. To grasp the significance of this operational shift, we can recall that communication has not always been an item on the central banks’ agenda.