Experience indicates that the volatility of indicators of long-term inflation expectations, especially those based on survey data, has always remained relatively limited, at levels comparable to those in the best performing industrialised countries in this respect.
Notably, survey-based indicators of inflation expectations have always remained fairly close to 1.8% and, most of the time, within the range of 1.7 to 1.9%, thus at levels fully in line with the ECB’s  4  BIS Review 42/2004  definition of price stability.