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Work streams

Separate work streams will look at key topics for the strategy review. Information gathered in the listening events and your ideas submitted to this website will feed into the work streams below.

Work streams

Climate change

Examines the risks posed by climate change and how these risks feed into the monetary policy framework.


Studies the implications of digitalisation for the functioning of the economy and for the conduct of monetary policy.


Studies how (un)employment affects the conduct and success of monetary policy.

Eurosystem modelling

Assesses knowledge gaps in the main models used for monetary policy decision-making.

Fiscal and monetary policy in a monetary union

Takes stock of the fiscal policy landscape in the euro area and assesses implications for monetary policy.


Assesses the impact of globalisation on the transmission of monetary policy decisions to the economy and to inflation.

Inflation expectations

Analyses how inflation expectations are formed and deepens the understanding of their main drivers.

Inflation measurement

Analyses the most accurate method of measuring inflation, and assesses potential measurement issues.

Macroprudential policy, monetary policy and financial stability

Contributes to the assessment of the interaction between macroprudential policies, financial stability and monetary policy.

Monetary policy communication

Assesses the ECB’s communication strategy in relation to monetary policy decisions and to the general public’s understanding of the ECB.

Non-bank financial intermediation

Examines how the changing structure of the financial sector, in particular the growing role of non-banks, affects the conduct of monetary policy.

Price stability objective

Provides analysis on the ECB’s numerical formulation of price stability and alternative approaches to achieving price stability.

Productivity, innovation and technological progress

Assesses developments in productivity and technology, and analyses the implications of these developments for monetary policy.

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