Most likely, it will still take some time before the Governing Council’s aim  2  Chung, H., Laforte, J.-P., Reifschneider, D. and Williams, J.C., “Have We Underestimated the Likelihood and Severity of Zero Lower Bound Events?”, Journal of Money, Credit and Banking, 44, 2012, pp. 47–82.
3  Background Studies for the ECB’s Evaluation of its Monetary Policy Strategy, European Central Bank, November 2003. 2  BIS central bankers’ speeches  of levels below but close to 2% is reached. Current ECB staff projections foresee inflation at 1.7% by the end of our projection horizon, 2017. So, what was overlooked in pre-crisis times?