ECB Listens – Banka Slovenije discussion on ECB strategy review

In 1998, when the European Central Bank first opened its doors, its monetary policy strategy was defined for the first time. This strategy set out the approaches and guidelines for achieving the ECB’s main purpose, which is to ensure price stability in the euro area. Since the last change to the strategy in 2003, the European economy has undergone a number of structural changes and a financial crisis. Therefore the members of the Governing Council of the ECB, whose members since Slovenia’s entry into the euro area in 2007 have included the governor of Banka Slovenije, have decided to review the strategy.

The goal of the review is to continue to ensure that the strategy remains fit for purpose, both today and in the future. The strategy review thus includes all aspects of monetary policy, but within the framework of the mandate of maintaining price stability. The review is open to various views and positions, and particularly to the views of citizens and civil-society organisations.

To this end, all European central banks are holding discussions under the collective title ECB Listens. Banka Slovenije will hold a discussion on Wednesday, 25 November 2020, from 10 a.m. to 12 noon. The discussion will be held online.

The discussion will be divided into two parts:

Monetary policy and communication, in which we will discuss the following issues:

• What in your opinion should be the main objective of a successful monetary policy?
• What does price stability mean to you? How in your opinion it affects citizens’ quality of life?
• What in connection with monetary policy would the central bank be required to inform you about, and how often?

Global challenges – the role of the ECB and central banks in the future, in which we will discuss the following issues:

• What areas, broader than its current mandate, should the ECB expand its operations into? What are the current societal challenges that have to be addressed?

Representatives of civil-society organisations are invited to participate. Please notify us of your interest in participating by Friday, 20 November, at pr@bsi.si.

We will be asking all participants to prepare their thoughts in the form of a brief written contribution (one to max. two pages), which we will translate and send, together with a summary of the discussion, to the relevant ECB working body, which is preparing the materials for a debate at a meeting of the Governing Council of the ECB.

If you have any further questions, contact us at pr@bsi.si, or phone us on +386 1 47 19 780.

You are cordially invited!

Framework schedule:

ECB Listens
Banka Slovenije discussion regarding the ECB strategy review

Wednesday, 25 November 2020

10:00-10:10: Welcome address by Boštjan Vasle, Governor of Banka Slovenije

10:10-11:00: Section 1: Monetary policy and communication

11:00-11.50: Section 2: Global challenges – the role of the ECB and central banks in the future

11:50-12:00: Summary and concluding remarks by Boštjan Vasle, Governor of Banka Slovenije