Monetary policy frameworks: recent developments and outlook – an international comparative view

Major central banks nowadays formulate explicit monetary policy strategies, to enhance effectiveness, transparency and accountability. In the light of a fast-changing economic environment, strategies are regularly reviewed, based on comprehensive research and stocktaking exercises. The ECB published the outcome of its latest monetary policy strategy review on 30 June 2025, the Federal Reserve published the outcome of its 2025 Monetary Policy Framework Review on 22 August 2025. In this workshop, jointly organised by the BIS, the ECB and SUERF, experts involved in the ECB’s and the Fed’s latest framework reviews present key outcomes and background studies. An international high-level panel of central bankers then discusses common threads and differences among major central banks’ recent strategy reviews, as well as the way forward in a volatile political and economic environment.

Background materials

• ECB’s 2025 Monetary policy strategy assessment; 2025 strategy review
• Monetary policy frameworks: lessons learned and challenges ahead – Speech by Agustín Carstens, BIS
• ​Federal Reserve Board: Review of Monetary Policy Strategy, Tools, and Communications; Monetary Policy and the Fed’s Framework Review – Speech by Chair Jerome H. Powell; FEDS Notes – A Roadmap for the Federal Reserve’s 2025 Review of Its Monetary Policy Framework 
• Bank of England: Forecasting for monetary policy making and communication at the Bank of England: a review
• Bank of Canada: Renewing Canada’s monetary policy framework
• Riksbank: Strategic Plan
• ​Bank of Japan: Review of Monetary Policy from a Broad Perspective

Organising Committee: Fiorella De Fiore (BIS), Fabian Eser (ECB), Ernest Gnan (SUERF)