This has led to speculation that the ECB might be more concerned about deviations above 2 per cent than deviations below 2 per cent (Paloviita 2018).14 In its Introductory Statement last July, the Governing Council said that it was “determined to act, in line with its commitment to symmetry in the in ation aim” (Draghi 2019).15 Nonetheless, it seems that there continues to be uncertainty about exactly what ‘close to, but below’ means.
(Volume) 138, September 2022; Mayer, T., V. Vicard and S. (Seite) Zignago (2019), The cost of non-Europe, revisited, Economic Policy, Vol. (Volume) 34, April 2019. A study initiated by the European Commission estimates that EU (European Union) economic output is as much as 8% to 9% higher as a result of the single market; see in ‘t (Tonne) Veld, J.