The wording of the ECB's inflation target, indicated in 2003 as 'below but close to 2%' "was appropriate for a time when the ECB was trying to assert its credibility and too high inflation was the main concern".
Now, however, "in the current low inflation situation, concerns are different and this must be reflected in our inflation target".
ECB President Christine Lagarde said this at the 'The ECB and its watchers conference in Frankfurt, opening up to a significant change in the strategic review underway at the Eurotower.
