In the revised monetary policy strategy of the European Central Bank (ECB), "price stability is best maintained by aiming for two per cent inflation over the medium term", with "symmetric commitment" to this target. "Symmetry means that the Governing Council considers negative and positive...

As a consequence of the Ukraine war, in the aftermath of the COVID-19 pandemic, monetary policy in the euro area is severely challenged by the convergent threats to price, economic, and financial stability. After examining them, we argue that the burden of the euro area stability cannot be left...