Lagarde Says ECB Making ‘Good Progress’ on Strategy Overhaul

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European Central Bank President Christine Lagarde said its governing council is making “good progress” in talks on the biggest overhaul of the institution’s monetary policy in almost two decades.

The entire governing council met in person this weekend for the first time since the outbreak of the pandemic. The talks in Taunus, Germany aim to retool the ECB for the 21st century, with a new inflation goal, better ways of measuring the economy, and agreement on how to treat issues such as climate change and inequality.

“I am glad we were able to have in-depth discussions and we made good progress in shaping the concrete features of our future monetary policy strategy at our retreat,” she said in a statement on the ECB website.

Results of the talks are expected before the annual ECB Forum on Sept. 28-29. The review has also allowed a fresh look at profound economic trends, generating thousands of pages of insights to inform policy decisions in the post-pandemic world, potentially for decades.

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