The key lesson of the first twenty five years of the euro is that the ECB is embedded in an incomplete and flawed institutional context. Its role has increasingly emerged as an integration agency in the face of existential threats to the euro. The way the world is going to change will put the ECB's status under further stress. The next strategy review will need to address structural changes adding new policy trade-offsto the old ones. The sooner the euro-area governance is reformed leaving politics and dogmatism aside, the better. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 15 February 2024.