Remarks by Philip R. Lane, Member of the Executive Board of the ECB, at the House of the Euro

Brussels, 9 July 2025

My goal today in these remarks is to outline the current monetary agenda at the ECB.^[1] I will start with the monetary policy stance before turning to our updated monetary policy strategy. I will then briefly discuss the euro area bond market before concluding with a monetary perspective on the digital euro project.

The monetary policy stance

In a recent speech, I assessed that the challenge of returning inflation to the target after the 2021-2022 inflation surges can be considered to be largely complete.^[2] The orientation now for the monetary policy stance is to make sure that the current shocks and prospective new shocks hitting the economy do not lead to medium-term deviations of inflation from our two per cent target.

In terms of significant data developments in recent months, there has been a marked drop in energy prices and a substantial appreciation of the euro….