Tavares, JoséPalma, Maria Tomaz Queluz Fernandes2026-04-292026-04-292026-01-222026-01-22http://hdl.handle.net/10362/202659This work project examines how the European Central Bank (ECB) has evolved from a technocratic guardian of price stability to a strategic actor within the European Union (EU). Combining approaches from management and international relations, it applies the Dynamic Capabilities Framework, the Principal-Agent Theory and a textual analysis of the ECB’s monetary policy strategy reviews, to assess the institution’s strategic trajectory. The findings show that, while the ECB’s legal mandate has remained unchanged, its de facto actions expanded significantly due to successive crises, particularly the Sovereign Debt Crisis. A comparison with the Federal Reserve further reveals areas of convergence in tools and communications practices. Altogether, the ECB’s evolution reflects increasing strategic relevance within the EU’s multi-level governance structure.engEuropean Central BankEuropean economic governanceFederal reserveInternational businessMonetary policySovereign debt crisisStrategic evolutionStrategic managementmaster thesis204238846