The outcome of the long-awaited second review of the ECB’s monetary policy strategy was communicated by the central bank on 8 July 2020. This column argues that the review constitutes a mixed bag. The asymmetry of the inflation target, a long standing source of ambiguity and potential policy mistakes, has been corrected by announcing a symmetric central target at 2%. But major ambiguities remain concerning the width of the tolerance band around 2%, the definition of the relevant price index, the interpretation of the inflation process, and the way monetary policy is prepared to team-up with fiscal authorities to preserve the euro’s stability going forward. All in all, the glass remains half-empty and the water it contains is somewhat muddy.