ECB strategy review not just a formality

The ECB’s forthcoming assessment of its 2021 strategy review won’t lead to immediate policy changes but we think it will commit policymakers to acting differently in future. They are likely to be more responsive to supply shocks than they were before the 2022 energy crisis. And when the next economic crisis arrives, the Bank might be more likely to use TLTROs than QE to stimulate demand and inflation.

This report is part of our Future of Europe series. Read more analysis, explore the supporting data, and learn about our broader European coverage on the dedicated Future of Europe page.