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Q: On the APP, was there any discussion on whether the forward guidance should be revised? What does it mean for inflation to go moderately above target and is there a point when below target inflation requires more action?

  • A: We did not discuss about APP relative to the forward guidance on policy rates. We accept that there will be moderate overshooting inflation – this is a matter of judgement. We are not deliberately overshooting, but forceful or persistent policy may imply moderate overshooting.

Q: Can you tell us what other opinions were discussed given the lack of unanimity on calibrating rates. Is the ECB out of synch with other central banks?

  • A: There was unanimous agreement on the framework and on the need to operationalise the forward guidance. There were some minor divergences, but it is fine that some may disagree on the calibration of some aspects of the forward guidance. The disagreement today was on the margin.

Q&A ENDS