30 June 2025

• Governing Council confirms symmetric 2% inflation target over the medium term
• Symmetry requires appropriately forceful or persistent policy response to large, sustained deviations of inflation from target in either direction
• All tools remain in toolkit and their choice, design and implementation will enable an agile response to new shocks
• Structural shifts such as geopolitical and economic fragmentation and increasing use of artificial intelligence make the inflation environment more uncertain

The Governing Council of the European Central Bank (ECB) today published the results of its strategy assessment, which are set out in an updated monetary policy strategy statement.

Following the strategy review carried out in 2020-21, the Governing Council announced that it would periodically assess the appropriateness of its monetary policy strategy. The assessment published today meets this commitment, ensuring that our framework, toolkit and approach remain fit for purpose.

The…