"There is a feeling of reflection in the Governing Council about the objective, about whether we have to keep it or move to another. It is an important change, so let's look at it seriously," Draghi specified in the press conference after the monetary policy meeting that the issuing institute held this Thursday.
In this way, Draghi has confirmed the information published in recent days by the media 'Bloomberg' and 'Spiegel', which assured that the central bankers of the euro zone were beginning to assess the possibility of relaxing their inflation target.
Currently, the objective of the ECB is for inflation to be "close, but below 2%." However, this Thursday the agency has not included that phrase in its post-meeting statement and, for the first time, has introduced the notion of symmetry in reference to inflation.
In this way, the ECB would allow inflation to rise above the target as long as in the medium term the average is set at the target.
The Federal Reserve of the United States, the ECB counterpart in the North American country, is reviewing its communication strategies, tools and practices during 2019. Among the many topics for discussion, the Fed is meditating whether to transition towards a symmetric goal around 2%.
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As analysts shuffled in recent days, the ECB has dedicated this Thursday's meeting to prepare the stimulus artillery, although it has decided to wait until September to start firing.
As Draghi explained, within two months they will have a quarterly update of their macroeconomic practices, so the consensus in this Thursday's conclave has been that it was better to wait before taking action.
The issuing institute has introduced a downward bias in its communication, advancing that interest rates will be maintained at its current level, or lower, at least until June 2020. It has also stressed that it is "ready to act" if the Medium-term inflation forecasts continue to fall below the target and has entrusted certain Eurosystem committees to examine the options for new stimuli, including segmentation of the ease of deposit rate and the restart of net purchases of assets.
. (tagsToTranslate) ECB (t) recognizes (t) studying (t) modifying (t) inflation