To prevent an overshooting of the ECB stability standard, average inflation in the other member states would have to be kept at a maximum of 1.7%. All in all, differences in inflation rates, which are likely to persist for some time, should not be a reason for the ECB to revise its definition of price stability upwards.
In the first place, the ceiling of just under 2% provides sufficient leeway for a certain Balassa-Samuelson effect. Secondly, the main reason why a redefinition of the stability standard should not be contemplated is that an increase might adversely affect the credibility of monetary policy in EMU.