industrial revolution. these shifts in concerns and preferences have also affected the expectations that many people hold with respect to central banks. in february 2020, the ecb launched its “ ecb listens portal ” to gather feedback from the general public as part of its ongoing monetary policy strategy review. the ( non - representative ) results of this listening exercise indicate that many survey respondents assign high importance to the ecb considering issues that go well beyond a narrow interpretation of its traditional price stability mandate. while about a quarter of respondents indicated that the ecb should focus exclusively on price stability and leave other topics to democratically elected bodies, a significant number of respondents expressed the view that the ecb ought to play a more active role in tackling wider societal challenges, with the top priority given to climate change as well as growth and employment ( chart 3 ). chart 3 “ ecb listens ” survey : issues that the ecb should consider beyond price stability ( survey responses, % ) source : ecb listens portal. note : estimated percentage of respondents in each category ( sample size : 3, 614 ). results calculated by using a dictionary - based approach. categories are not mutually exclusive. civil society organisations ( csos ) drew attention to the ecb ’ s strategy review. some of these organisations, most notably greenpeace, called on the public to submit contributions to the ecb listens portal, offering standard answers that could be copied into the survey. overall, around 14 % of all responses were copy - paste answers provided by greenpeace. another 1 % came from other csos. as such, original answers amounted to 85 % of the sample. for most people, inflation today is mainly a concern related to asset prices rather than the prices of consumption goods ( chart 4 ). our survey suggests that many respondents, especially the younger generations, are particularly concerned about house prices, which are currently not part of the consumption basket that most central banks use to calibrate their policies. chart 4 “ ecb listens ” survey : categories of goods and services with the most impactful perceived change in price ( survey responses, % ) source : ecb listens portal. estimated percentage of respondents in each category ( sample size : 3, 879 ). results calculated by using a dictionarybased approach. categories are not mutually exclusive. civil society organisations ( csos ) drew attention to the ecb ’ s strategy review. some of these organisations, most notably greenpeace, called

at : http : / / www. jstor. org / stable / pdfplus / 1942704. pdf? accepttc = true bis central bankers ’ speeches fsb ( 2011 ), “ macroprudential policy tools and frameworks ”. report to g20 finance ministers and central bank governors. available at : http : / / www. financialstabilityboard. org / publications / r _ 1103. pdf fsb ( 2013 ), “ financial regulatory factors affecting the availability of long – term investment finance ”, report to g20 finance ministers and central bank governors. available at : http : / / www. financialstabilityboard. org / publications / r _ 130216a. pdf gai, p and kapadia, s ( 2010 ), “ contagion in financial networks ”, proceedings of the royal society a, vol. 466, no. 2120, pp. 2401 – 2423. gordon, r ( 2012 ), “ is u. s. economic growth over? faltering innovation confronts the six headwinds ”, nber working paper series, no. 18315. group of 30 ( 2013 ), “ long – term finance and economic growth ”, group of thirty. available at : http : / / www. group30. org / images / pdf / long - term _ finance _ lo - res. pdf haldane, a ( 2009 ), “ rethinking the financial network ”, speech delivered at the financial student association, amsterdam. available at : http : / / www. bankofengland. co. uk / archive / documents / historicpubs / speeches / 2009 / speech386. pdf haldane, a ( 2010 ), “ patience and finance ”, oxford china business forum, beijing. available at : http : / / www. bankofengland. co. uk / publications / documents / speeches / 2010 / speech445. pdf haldane, a and may, r ( 2011 ), “ systemic risk in banking ecosystems ”, nature, vol. 469, no. 7330. http : / / www. nature. com / nature / journal / v469 / n7330 / full / nature09659. html haldane, a and nelson, b ( 2012 ), “ tails of the unexpected ”, given at “ the credit crisis five years on : unpacking the crisis