MNI BRIEF: ECB Must Credibly Convey Price Stability: Schnabel

The European Central Bank must address how to interpret its mandate and how to conduct and communicate its operations against the coincidental occurrence of protracted low inflation, sluggish potential growth and highly accommodative financial conditions, Executive Board member Isabel Schnabel said Tuesday.

Speaking at an online forum organized by the Bank of Finland, Schnabel said the ECB must credibly convey its strong commitment to achieving price stability while minimizing any adverse consequences of its policies for society.

"These questions form important elements of our monetary policy strategy review," she said. "The outcome will be a framework that reflects our understanding of how the economy has changed since we conducted our last strategy review and ensures that monetary policy will continue to faithfully serve the people of Europe," Schnabel concluded.