Eurosystem listening events as part of the monetary policy strategy review

Members of the Governing Council of the ECB have embarked on their monetary policy strategy review, which is expected to be completed some time next year. The involvement of academia, civil society and the general public will also have a prominent place. To this end central banks will organise a series of events under the ECB Listens banner. The first event organised by the ECB will be hosted on 21 October 2020 by Christine Lagarde, the president of the ECB, and Philip R Lane, its chief economist. An event is also being planned at Banka Slovenije in the second half of November.

The Governing Council decided to carry out a strategy review because the last changes to strategy were made in 2003, since which the European economy has undergone a number of structural changes and a financial crisis.

In the monetary policy strategy review members of the Governing Council are (i) examining how to define and attain the inflation target, (ii) reviewing the instruments used to do so, (iii) reviewing the economic and monetary analysis and the methods of communication used, and (iv) reassessing monetary policy’s broader impact on financial stability, employment and environmental sustainability.

The involvement of academia, civil society and the general public will also have a prominent place in the strategy review. To this end central banks will organise a series of ECB Listens events at which the views of civil society organisations will be heard. Price stability is an important part of everyday life, whenever we save, borrow, spend or invest.

The first event in the series will be held by the ECB on 21 October 2020. President Christine Lagarde and Chief Economist Philip R Lane will host an online ECB Listens event to hear from civil society organisations. A number of topics will be addressed, most notably the definition of price stability, but there will also be a focus on employment, digitalisation, climate change and global challenges. The event will be livestreamed on the ECB website. An event is also being organised at Banka Slovenije in the second half of November. The ideas and views fed to the ECB by the central banks will help the Governing Council in its decision-making.

Views and concerns about how the central bank should pursue monetary policy within the framework set out by the Treaty on the Functioning of the European Union will also be gathered by the ECB on its ECB Listens portal, on which all citizens can have their say until the end of October 2020 (also available in Slovene).