In that case, if inflation drifts up to the top of the comfort zone, then the private sector could take the view that inflation might remain at that rate for an extended period of time, especially if policymakers are not taking any action to bring inflation back toward the midpoint of the range.
In a true single market, one could expect a Europe-wide  primary market for securities to develop in order to ensure equal and unrestricted access for economic actors. We stand ready to examine the need for and potential of such a European issuance service together with potential users. 3.