The European Central Bank will maintain its past stimulus policies in its strategic review.

Multiple decision-makers at the European Central Bank have indicated that the ECB will stick to its radical stimulus policies of the past decade during its strategic review, avoiding calls for self-criticism after experiencing high inflation and massive losses. The review, which began in March, will address major questions about the ECB's operations, including whether large-scale bond purchases, negative interest rates, and providing guidance on future interest rate trends are still effective policy tools. Dialogues with ECB policymakers suggest that the central bank will largely endorse its past generous measures, making only minor modifications to a strategic document updated four years ago. The ECB is unlikely to face any criticism for its actions taken during the sudden surge in inflation in 2021-22. Sources say that, especially when inflation and interest rates are low, the ECB may retain the terminology of needing to take "particularly forceful or persistent" actions, synonymous with quantitative easing bond purchases and other stimulus measures.