We would like to hear your opinions, ideas and feedback and use them in our review of monetary policy strategy.

You can give your opinion until 31 January 2021. We will collect the opinions submitted during the debate and through the central bank website and pass them on to the Governing Council of the European Central Bank.

***

The main contribution central banks can make to improving people’s welfare is to maintain price stability. Price stability means that inflation, which measures how much consumer prices rise by on average from one year to the next, is positive, low and stable. The current target of the European Central Bank is to keep inflation below but close to 2% over the medium term. You may have heard about the recent measures that the European Central Bank has taken to help ease the economic cost of the coronavirus pandemic. The overall aim of these measures is to keep prices stable.

  • How do changes in general price levels affect you, your organisation and members of it?
  • Are you concerned about prices falling because of deflation or about inflation being too high?
  • What sort of price changes affect you the most, for example goods, services, living costs or consumer prices?
  • When inflation is measured, should it also include the cost of housing as well as everyday consumption goods?

***

To make our monetary policy as effective as possible, we want to understand better your expectations and your economic concerns.

  • What are the biggest economic concerns facing you or your organisation at the moment?
  • How have changes in the economy affected you in the past decade and especially in the current economic crisis caused by the coronavirus pandemic? How have they affected your prospects of finding a job for example?
  • How do low or negative interest rates and monetary policy in general affect you, your organisation, its members or the economy as a whole?

***

The main task of the European Central Bank is to maintain price stability in the euro area. Once this has been done, the European Central Bank supports the general economic policies of the European Union. These include sustainable development for Europe that is based on balanced economic growth, a highly competitive social market economy that aims to achieve full employment and social progress, and effective protection of the natural environment and improvements to the quality of the human environment.

  • Do you think that the European Central Bank should be giving more or less attention to these other considerations and why?
  • Are there other issues not listed here that you think the European Central Bank should be concerned with when setting its policies?
  • How will climate change affect you, your organisation, its members or the economy as a whole?

***

We know that understanding how monetary policy works helps people make decisions about how to spend, save, invest or borrow money. We would like to find out how successful we have been in explaining what we do and why we do it.

  • How much do you think you know about the work of the European Central Bank or Eesti Pank, for example the recent measures we have taken in response to the coronavirus crisis?
  • How could the European Central Bank, Eesti Pank or the other central banks of the euro area explain better the benefits of price stability and the risks from inflation being too high or too low?
  • What could we do to make the decisions the European Central Bank takes clearer to you so you could understand better how they affect you?