The last time that the European Central Bank raised interest rates was just as the eurozone debt crisis began in 2011 — a move its officials now acknowledge was a major mistake.
Its first new strategy for nearly two decades, unveiled on Thursday, is designed to avoid the risk of such premature policy tightening in the future. It shifts the Frankfurt-based institution to a 2 per cent inflation target and pledges to tolerate any slight overshoots.
“We have learnt from history and we have observed what has worked and what has not worked,” Christine Lagarde, ECB president, said as she presented the review’s results. “Now we need to demonstrate we mean what we say.”
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