Federal Reserve, possibly including a commitment to let inflation overshoot after it has been low for too long.
The ECB is widely expected to follow in the footsteps of the Fed, which said last month it would aim for inflation of 2 percent on average, so that periods when prices grow too slowly can be compensated for with faster increases at another time. "Our inflation objective, being symmetric and medium-term -- if credibly, I stress credibly, symmetric and medium-term -- would probably achieve similar outcomes ex-post to flexible average inflation targeting," Villeroy said.
On the other hand, the ECB's persistent failure to meet the inflation target could feed into inflation expectations and would therefore "call for a shorter policy horizon".
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