Recommendations for ECB communication and policy analysis

This report analyses the euro area economic outlook, the European Central Bank’s monetary policy stance and its communication strategy. We suggest ways to improve complementing monetary policy statements: including additional indicators, publishing scenario analyses, and being more explicit about secondary objective considerations. We indicate guidelines for future policy analysis, for instance how structural changes in the economy influence monetary policy, trade-offs between different roles of the ECB, the impact of rate setting on the green transition, and additional scenarios for digital euro introduction.

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