The Core of the ECB’s New Strategy
Now that the European Union has committed to achieving net-zero carbon emissions by 2050, the European Central Bank must start preparing for the structural shifts that lie ahead. In a world where governments want the prices of certain forms of energy to rise, the concept of price stability becomes more complicated.
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LONDON – Following in the footsteps of the US Federal Reserve, the European Central Bank has launched an in-depth review of its monetary-policy strategy. But as central banks contemplate fundamental changes in their approach, they should be mindful of possible disruptions in their operational environment.