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The ECB defines price stability as inflation “below, but close to, 2% over the medium term.”

That is a lower inflation rate than even the Bundesbank achieved during its celebrated pre-euro history, and it is a tighter target than virtually all other central banks pursue. 

For some, too much of a good thing is apparently wonderful.

Stefan Gerlach Project Syndicate 12 July 2018

Stefan Gerlach is Chief Economist at EFG Bank in Zurich and Former Deputy Governor of the Central Bank of Ireland. He has also served as Executive Director and Chief Economist of the Hong Kong Monetary Authority and as Secretary to the Committee on the Global Financial System at the BIS.

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