The European Central Bank (ECB) was established in 1998 with the introduction of the euro in twenty member states of the European Union and has been developing strategies and tools to implement a single monetary policy since its inception. The ECB's policy is successfully pursued by maintaining price stability by ensuring low and stable inflation. The European Central Bank uses a variety of monetary policy tools, such as open market operations, reserve ratios and standing facilities, to ensure the stability of the financial system and to regulate financial conditions in the economies of the euro area Member States. By successfully implementing its monetary policy, the ECB, by managing interest rates and exchange rates, has a positive impact on the economic growth of the Member States of the European Union, the creation of new jobs and sustainable development. The ECB's monetary policy review identified a limited impact of the measures implemented in the period from 2019 to 2023 due to the unusual circumstances caused by the coronavirus crisis and the invasion in the East that the ECB could not directly influence. These developments have had a knock-on effect on the euro area by increasing the rate of inflation. In the period considered, inflation significantly exceeded the target of 2% and thus reached a level of 8% per year. In this case, the ECB had to adjust its policy and introduce new measures in order to restore price stability. By the end of 2023, it managed to reduce the annual inflation rate to close to 2%. In considering the future of monetary policy, it is concluded that its continuous adjustment to current developments in the euro area is essential in order to prevent any potential threats in a timely manner. In addition, the implementation of the single monetary policy will be subject to a number of challenges, in particular with the entry of new countries into the euro area. Further research has identified the accession of new members of the euro area in the near future, such as Romania or Bulgaria.