We live in a dynamic and increasingly complex world. External shocks have become more frequent and persistent of late, profoundly altering our economies and presenting us with a myriad of challenges.

Over the past few years, we have faced the most severe pandemic since the 1920s, the most devastating conflict in Europe since the 1940s and the worst energy shock since the 1970s.[
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] Meanwhile, rising geopolitical tensions are reshaping global trade patterns and prompting a reassessment of broader strategic considerations. The rapid digitalisation of our economies brings both complex challenges and immense opportunities. And the escalating climate and nature crises pose an existential threat, jeopardising the stability and resilience of our economic system.

In such an environment, we must ensure that our monetary policy strategy remains fit for purpose. To this end, we revised our strategy in 2003, updated it again in 2021 and announced the outcome of our most recent exercise earlier this week.

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