In the case of the ECB, our strategy includes a specific quantitative definition of price stability: annual inflation of below,  3  See, for instance, Reinhart, C. and K. Rogoff (2009), “The aftermath of financial crises”, American Economic Review, Vol. 99 No. 2, 466-472.
6  BIS Review 138/2009  but close to, 2% in the Harmonised Index of Consumer Prices over the medium term. This definition sets a clear benchmark against which decisions must be made.