The European regulator is about to face major changes. President of the European Central Bank Christine Lagarde is preparing to launch a sweeping review of the bank's strategy for the first time since 2003. New economic trends pose new challenges to the bank, and it won't be possible to address them using outdated rules. Growing social inequality, technological innovation, and climate change require a new approach to the ECB's monetary policy. First of all, the regulator will most likely revise its inflation target. Over all these years, the ECB has failed to secure inflation rates close to the target level, and persistently low inflation remains the biggest thorn in the bank's side. As for the rest, it is tough to make forecasts. Now the ECB is following a negative rate policy and a quantitative easing program, as well as providing long-term loans to banks. On the one hand, Lagarde agrees that the present monetary policy measures could have negative side effects for some European countries. On the other hand, she supports these measures. All these serious issues are part of the agenda for the Governing Council meeting scheduled for Thursday. This time, the 25 policymakers will start their two-day meeting earlier than usual. One thing is certain. The first policy meeting this year is sure to spark off a lively debate among the officials.