Last year, the European Central Bank (ECB) and the national central banks of the euro area launched a review of the Eurosystem's monetary policy strategy to make sure that it continues to be fit for its purpose to pursue the objectives set out in the Treaty on the Functioning of the European Union.
Since the last review of the strategy in 2003, fundamental changes have taken place in the economy. The global financial crisis, the sovereign debt crisis in the euro area and most recently the pandemic have all called for the adoption of innovative monetary policy tools to preserve its transmission to the economy, stimulate demand and ensure price stability. Further developments such as globalization, digitalization, the ageing population and climate change can have persistent effects on the entire economy with important implications for monetary policy.
Against this backdrop, the Bank of Italy, the ECB, and the other national central banks of the euro area have begun a review of their monetary policy strategy through a dialogue with the general public and with the business world on work, social commitment, the young and sustainable development. The Bank's aim is to understand better people's expectations and concerns, taking account of different points of view, and collecting useful insights to find the best way to carry out its duties in the interests of the whole community.
The Bank of Italy will organize three meetings, all online, dedicated respectively to the academic world (9 February 2021), the media (22 February 2021), and the general public (3 March 2021). It will be possible to participate in the live streaming of the events and to send comments via e-mail to strategyreview@bancaditalia.it.
