Perhaps you could achieve the same result with lower intervention rates!” Yet this is not what the information we currently have available suggests: if we had been too cautious not only would our fellow citizens share that view (and then they would find the price rises reasonable) but also this would have had an impact on the observed price rises (which would then be significantly lower than our definition of price stability) and above all on inflation expectations, which would then be significantly less than 2%.
This is not the case at present. Regarding inflation expectations in particular, all of the public and private surveys and market indicators converge to 1.9% or 2%. We cannot be arithmetically closer to 2%! These objective surveys show that we are doing what it necessary to ensure stability and credibility, no less…no more.