In 25 years, the ECB has established itself among the main monetary institutions, also with crises that have forced it to push back its limits as guardian of the euro, which has now become the second most used currency in the world. , behind the dollar.
The European Central Bank was created in 1988, a few months before the introduction of the single currency. Since then, it has pursued its objective: to maintain price stability. But in 25 years of existence, the institution has had to accommodate both the imperfections of the common market and the global economic situation.
The ECB quickly had to deal with crises, in particular that of public debt in the euro zone, in the wake of the financial storm of 2008. Each time, the ECB adapted its arsenal of means beyond the classic weapon of rate.
This anniversary comes as inflation in the euro zone is sailing at a record level. It again reached 7% in April, still driven by the prices of energy and imported goods. The ECB wants to reduce it to a maximum of 2%. ” We will ensure that inflation returns to our target “, assured Wednesday Christine Lagarde, its president, in the European press.
And after ? The projects are multiple: encourage banks to finance the real economy with the cash amassed during the pandemic. Make them contribute to the fight against global warming, in particular through green bonds. Without forgetting the digital euro, as a new method of payment in the face of the proliferation of cryptocurrencies.
It could be launched “in three or four years”, says Fabio Panetta, member of the ECB’s executive board, in an interview with echoes.