The objective of ECB OBSERVER is to analyse and comment on the conceptual and operational monetary policy of the European System of Central Banks (ESCB).

ECB OBSERVER analyses focus on the potential consequences of past and current monetary policy actions for the future real and monetary environment in the euro area. The analyses aim to take into account insights from monetary policy theory, institutional economics and financial market theory and are supplemented by quantitative methods. The results of the analyses are made public to a broad audience with the aim of strengthening and improving interest in and understanding of ECB monetary policy. ECB OBSERVER publishes its analyses in written form on a semi-annual basis.