He also maintained that, not only in this specific case but as a matter of principle, a central bank had no means at its disposal to prevent a bubble from arising but could only do its utmost in the period following the crash to restore confidence in the financial system and the economy at large.
Though 12 month inflation has at times variated out of this range, it did so mostly for short periods of time due to fluctuations of the exchange rate. This was the case until approximately 3 years ago, when inflation fell systematically below target for now more than 3 consecutive years.