The ECB is committed to maintaining price stability, by which we mean keeping inflation below, but close to, 2% – and we have achieved this objective. Average inflation since the introduction of the euro is 2.03%. This has contributed to economic stability in Europe. If we were to miss our objective, people would start to question our commitment.
That also holds if we were to tolerate inflation rates that were too low. We cannot risk such a loss of confidence. The main reason for the current low level of inflation is price and cost adjustment in the crisis countries, thereby enabling these countries to become more competitive. It is good that the economies needing to regain competitiveness adjust.