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 System is expected to publish the outcome of its 2025 Review of Monetary Policy Strategy, Tools, and Communications in the late-summer. In this workshop, jointly organised by the BIS, the ECB and SUERF, experts involved in the ECB’s and the Fed’s latest strategy 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: Review of Monetary Policy Strategy, Tools, and Communications
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)