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Strategy Review Confirms Symmetric 2% Inflation Target

ECB

ECB's strategy review results:

  • New strategy adopts symmetric 2% inflation target over medium term
  • Governing Council confirms that HICP remains appropriate price measure and recommends inclusion of owner-occupied housing over time
  • New monetary policy strategy is result of thorough review launched in January 2020
  • Governing Council approves ambitious climate change action plan
From the statement: "When the economy is operating close to the lower bound on nominal interest rates, it requires especially forceful or persistent monetary policy action to avoid negative deviations from the inflation target becoming entrenched. This may also imply a transitory period in which inflation is moderately above target."
All largely inline with expectations, resulting in minimal reaction in either EUR or Bund futures.
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