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ECB

A: Lagarde repeats the dual function of PEPP. The Fed's dual mandate has been revisited in light of the recent shift to AIT. At the ECB, the strategic review is about to resume. The next seminar, which focuses on inflation measures, will be held on September 23. The ECB is ready to turn every stone to help define the strategy so that the ECB is fit for purpose and that monetary policy can deliver. It would be unwise to pre-judge the outcomes of the review. But, there will be a focus on the definition on what the ECB constitutes price stability.

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