However, given that there is a time lag before monetary policy takes effect, it is an exceptional and very strong commitment by a central bank to continue with monetary easing until the observed inflation rate exceeds 2 percent and stays above that level in a  7  stable manner.
Draghi M. (2015), Foreword to the ECB’s 2014 Annual Report on Supervisory Activities. European Central Bank (2018a), 2017 ECB Annual Report on supervisory activities. European Central Bank (2018b), SSM LSI SREP Methodology. European Central Bank (2018c), ECB announces further steps in supervisory approach to stock of NPLs, Press Release, 11 July. European Commission (2015), https://ec.europa.eu/commission/publications/ five-presidents-report-completing-europes-economic-and-monetary-union_en.