The ECB Monetary Strategy: A Critical Assessment

Resumen

This paper aims to provide a critical assessment of the performance of the ECB's monetary strategy, as well
as of the substantial "de facto" changes this strategy has undergone from 2010 onwards. These changes
have occurred as a consequence of the unforeseen challenges that the eurozone crisis posed to its implicit
conventional monetary model of "two pillars". The standpoint of the paper is that the institutional changes
the eurozone requires cannot be limited to the so-called institutional failures in the architecture of the
European monetary union, but should also be extended to reconsider the underlying theoretical framework
that inspires the ECB's monetary strategy.