For six consecutive years from 2009–2014, the inflation target has been met. During episodes when inflation was above or below target, there were external or supply-side developments beyond the ambit of monetary policy. As an inflation-targeting central bank, we are guided by data-dependent and forward-looking assessment. This disciplined and structured approach means that we refrain from reacting to short-term fluctuations or commentaries.
The ruling of the Lazio Administrative Court, with its description of the criteria that constantly guided the Bank’s action, fully recognizes this.