Banca centrale europea – Relazione annuale 2025

The report assesses the European Central Bank’s (ECB) monetary policy for 2025, emphasizing price stability as its primary objective. It critiques the ECB’s delayed response to post-pandemic inflation and calls for a cautious, data-driven approach to monetary easing. The independence of the ECB is underscored as crucial, while greater transparency and accountability to the European Parliament are demanded. The gradual reduction of government bond purchase programs and avoiding market distortions are highlighted as key priorities. Additionally, the report stresses the importance of financial stability and the euro’s international role.