Christine Lagarde, President of the ECB,
Philip R. Lane, Member of the Executive Board of the ECB

Sintra, 30 June 2025

Good afternoon, ECB Chief Economist Philip Lane and I welcome you to this press conference, on the occasion of the conclusion of the 2025 assessment of our monetary policy strategy.

The Governing Council recently agreed on an updated monetary policy strategy statement. You can find this statement on our website, together with an explanatory overview note and the two occasional papers presenting the underlying analyses.

I will start by putting this strategy assessment into the broader context. Philip Lane will then go through the updated strategy statement and explain what has changed and why, as well as what has remained unchanged.

Following the strategy review we carried out in 2020-21, the Governing Council committed to “assess periodically the appropriateness of its monetary policy strategy, with the next assessment expected in 2025”. Such regular…