Lagarde made clear in a press conference on Thursday that the next review will consider ways to use monetary policy to help fight climate change-despite disagreement from policymakers including Jens Weidmann, president of Germany's Bundesbank, who sits on the central bank's governing council.
"I will have my own style".
Lagarde's comments come at a time when the People's Bank of China has reportedly started testing its digital currency. ECB President Christine Lagarde said she expected a strategy review to be completed by the end of next year.
The review "will turn over each and every stone", she said, to address "major changes" that have taken place in recent years, including the challenges posed by climate change and technological advances.
Lagarde has called climate change "mission critical" for the ECB but she faces political and technical constraints to fitting that into the central bank's narrow remit of controlling inflation.
But calls are growing for the European Central Bank to loosen its strict inflation goal after years of stubbornly low growth, and change the way it calculates inflation.
There was "no preconceived landing zone at this time", she said, although she told MEPs early this month that her institution will conduct the process with an "open mind".
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U.S. Federal Reserve chief Jerome Powell has also struck a much more consumer-friendly tone since taking over past year although markets only expect a minor change in how it defines its own inflation target. Some have argued that the bank should give more favourable terms to banks exposed to environmentally sustainable projects.
The new staff projections were also little changed, even if initial 2022 figures showed that inflation would still undershoot the ECB's target. It also promised low interest rates for an extended period and kept the pace of bond purchases, aimed at lowering borrowing costs, steady at 20 billion euros a month.
Compared with September, the GDP growth was revised down slightly for 2020 to 1.1%, while the economy is seen growing by 1.4% in both 2021 and 2022.
In the money markets prior to the latest rate decision, the implied likelihood of the deposit rate being left at -0.5% was 83%, with a 17% chance of a small cut to -0.6%.
"With an inflation forecast of only 1.7% for the 4Q of 2022, Lagarde has admitted today that the European Central Bank has failed in its mandate".
"Is it satisfactory? It's certainly directionally good, but is it the aim that we pursue?"