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Stefan Ruhkamp

Communications

Current Position

Team lead - Public Outreach

Fields of interest

Other Special Topics

Email

stefan.ruhkamp@ecb.europa.eu

Education
1995-1999

University of Cologne, Diplom Volkswirt, Economics and Politics

Professional experience
1999-2013

Financial journalist and ECB watcher for Boersen-Zeitung and Frankfurter Allgemeine Zeitung

30 June 2025
OCCASIONAL PAPER SERIES - No. 372
Workstream 2: Monetary Policy Tools, Strategy and Communication
Details
Abstract
This report focuses on the implications of the changed inflation environment for the ECB’s monetary policy strategy, including the lessons learned from both the low inflation and high inflation periods, and the transition from one to the other. The starting point of the report is the outcome of the Monetary Policy Strategy Review 2020-21. While the previous review was conducted in an economic environment of low inflation, with interest rates in proximity to the effective lower bound (ELB), the inflation surge that followed the COVID-19 pandemic underscores the importance of a monetary policy strategy that enables the Governing Council to effectively respond to major changes in the inflation environment.
14 March 2024
THE ECB BLOG