Assume you trust Mr Draghi’s commitment to the inflation target.
Would you, as a private investor, buy a 10-year corporate bond that yields 0.5 per cent?
If inflation really were to reach 2 per cent within two or three years, you would surely make a loss.
The only reason you would want to make a long-term investment at these rates is that you do not believe in the target.
Wolfgang Münchau, FT 13 March 2016