•  The Federal Reserve specified the longer-run goal for inflation as 2 percent in January 2012, as measured by the personal consumption expenditure (PCE) deflator. •  The ECB defined price stability as “below, but close to, 2 percent over the medium term” in May 2003, as measured by the Harmonized Index of Consumer Prices (HICP) for the euro area.
•  The BOJ adopted the 2 percent price stability target in terms of the consumer price index (CPI) in January 2013. It also stated that monetary easing will be pursued with the aim of achieving this target at the earliest possible time.