The theme of this thesis work is flexible inflation targeting as a strategy of the ECB. In the theoretical part of this thesis concept is defined, i. e. the meaning of the monetary strategy. As well, the three types of monetary policy strategies are analysed. After that is discussed reform of the monetary policy strategy of the ECB. The reform marked a change of monetary policy strategy, after targeting monetary aggregates, in 2003. when the inflation targeting as a strategy of the ECB was accepted. As well problems of vague and asymmetric definition of price stability were resolved and the problem of „two pillars“. In the research part of this thesis the success and limitations of flexible inflation targeting in the ECB is analysed and the importance of strategy in the Eurozone during the financial crisis. These listed strategies are those that could replace the strategy of flexible inflation targeting, and their advantages and disadvantages.