The outcome of the European Central Bank’s 2025 strategy assessment was published on 30 June 2025. In this exercise, the bank analysed the inflation environment and the challenges for its modelling and forecasting landscape. The review covers the period of the recent inflation surge and examines how the ECB toolbox has weathered this episode as well as the communication of monetary policy decisions.
Birgit Niessner, head of the Oesterreichische Nationalbank’s economic analysis and research and co-lead of the workstream on Monetary Policy Tools, Strategy and Communication as part of the ECB’s strategy review, joins OMFIF to discuss the key findings and policy recommendations for monetary policy in uncertain times.