【欧洲央行-2025研报】欧元区经济与通货膨胀环境的战略视角（英）.pdfVIP

OccasionalPaperSeries

Workstream1:ChangingeconomicandinflationAstrategicviewontheeconomic

environment

andinflationenvironmentinthe

euroarea

No371

Disclaimer:ThispaperconstitutesstaffinputintotheGoverningCouncil’sdeliberationinthecontextoftheECB’s

2025monetarypolicystrategyassessment.Thispapershouldnotbereportedasrepresentingtheviewsofthe

Eurosystem.TheviewsexpressedarethoseoftheauthorsanddonotnecessarilyreflectthoseoftheEurosystem.

Contributors

Acknowledgments

ThisreporthasbeenjointlyproducedbytheEurosystemworkstreamonthechangingeconomicandinflationenvironment-comprising

stafffromtheEuropeanCentralBank(ECB)andthenationalcentralbanks(NCBs)ofthosecountriesthathaveadoptedtheeuro.The

workstreamwassupportedbytwotaskforces:thetaskforceonDriversofinflationandevolutionofr*(TF1)andthetaskforceon

Analyticaltoolkitandinflationforecasting(TF2),eachsubdividedintoanumberoffocusgroups.ThereportfedintotheGoverning

Council’sdeliberationsonthe2025assessmentofthemonetarypolicystrategy.

WorkstreamleadsTaskforceleads

ChristianeNickelMatteoCiccarelli

EuropeanCentralBankEuropeanCentralBank

email:christiane.nickel@ecb.europa.euemail:matteo.ciccarelli@ecb.europa.eu

JuhaKilponenAlmiraEnders

SuomenPankki–FinlandsBankDeutscheBundesbank

email:juha.kilpon