New Monetary Policy Strategy published by ECB

Thursday, 8 July 2021

The Central Bank of Cyprus, informs the public that the Governing Council of the European Central Bank (ECB) has today published its new monetary policy strategy, which it has set out in a monetary policy strategy statement as follows:

  • The new strategy adopts symmetric 2% inflation target over medium term.
  • Governing Council confirms that the Harmonised Index of Consumer Prices (HICP) remains appropriate price measure and recommends inclusion of owner-occupied housing over time.
  • The new monetary policy strategy is a result of thorough review launched in January 2020.
  • The Governing Council approves ambitious climate change action plan. A dedicated press release here.

The first regular monetary policy meeting of the Governing Council applying the new strategy will be held on 22 July 2021. The Governing Council intends to assess periodically the appropriateness of its monetary policy strategy, with the next assessment expected in 2025.

All related information as regards the new monetary policy strategy can be found at the ECB website here.