Recommendations for the ECB's strategic review

Key messages

European companies need predictable and stable conditions to conduct their business. We strongly support the ECB’s mandate of guaranteeing price stability, and urge the ECB to explore ways to credibly get price developments back on a trajectory consistent with the ECB’s objective.
When the ECB carries out asset purchases it is crucial that it is done with a view to maintaining market neutrality. As a non-political body the ECB should not be setting political priorities and goals that amount to effectively subsidizing certain types of investments and assets over others. The ECB must therefore forcefully reject calls to put priority in its purchases e.g. on SME-assets, or "green" private assets.

The ECB must explore ways to get price developments back on a trajectoryconsistent with the ECB’s objective
Asset purchases must be done with a view to maintaining market neutrality.Although e.g. “green” bonds, social bonds etc. should be eligible for purchase “onnormal terms” the ECB should not unduly prioritise them.